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AI# 12769  Regular City Council Meeting 5.2. 09/10/2024:

Information

Agenda Item

Resolution - Right-of-Way: Consider a resolution authorizing the Mayor to execute a Commercial Real Estate Sales Contract, by and between the City of Lubbock and Lone Star Suds - 19th Ltd., for the sale of real property located within Lots 1 and 2, Block 1, Elwood Place Addition to the City of Lubbock, Lubbock County.

Item Summary

The City of Lubbock owns a parcel located on the southwest side of 19th Street and Avenue X. This parcel is 0.375 acres and is adjacent to 2401 19th Street, which is commonly known as the former Wendy's Restaurant.  Lone Star Suds - 19th, Ltd. is in the process of acquiring the lot at 2401 19th Street and has approached the City about purchasing the City lot adjacent to this lot to be used as part of the development.   Section 272.001 of the Local Government Code (LGC) allows narrow strips of land that cannot be used independently to be sold to an abutting property owner for fair market value.  Accordingly, on July 8, 2024, the City of Lubbock retained CBRE Group, Inc. to conduct an appraisal of the property to help determine the fair market value.  Based on the property appraisal, the value of the land is stated below.   Buyer Term Offer Estimated Net Proceeds Lone Star Suds - 19th LTD. Cash, seller pays normal closing costs $70,081.44 NA This parcel of land was purchased by the City of Lubbock in 1972 for the purpose of the widening of Avenue X. Staff has determined that there is no need to widen Avenue X, and accordingly, is recommending sale of the property to Lone Star Suds - 19th, Ltd., in the amount of $70,081.44.

Fiscal Impact

Revenue of $70,081.44 to the General Fund

Staff/Board Recommending

Erik Rejino, Assistant City Manager Bailey Ratcliffe, P.E., Interim Division Director of Engineering/City Engineer

Attachments Resolution Sales Contract Map/Metes & Bounds

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