Resolution - Lubbock Power & Light: Consider a resolution authorizing the Mayor to execute a Real Estate Purchase and Sale Agreement, by and between the City of Lubbock, a Texas home-rule municipal corporation, and Pyco Industries, Inc., regarding an approximately 0.6790-acre tract of land, more or less, being a portion of Block 36, Coronado Addition to the City of Lubbock, according to the map, plat, and/or dedication deed recorded in Volume 930, Page 195, deed records of Lubbock County, Texas, and a portion of Block 71, Wheelock's Second Addition to the City of Lubbock, according to the map, plat, and/or dedication deed thereof recorded in Volume 26, Page 46, deed records of Lubbock County, Texas, to be used for an expansion of the Co-op Substation, approving a Warranty Deed regarding same, and authorizing payment for same, including title and closing costs.
Item Summary
The acquisition of the above described 0.6790-acre tract (the "Subject Tract") is necessary to the expansion of the LP&L Co-op Substation. The Subject Tract is located at approximately East Coronado Drive and Juniper Avenue. The City had an appraisal of the Subject Tract prepared by O'Brien Right of Way Valuation. The appraised fair market value of the Subject Tract, plus the damages that will be incurred upon the remainder of the landowner's property, is $3,581 (the "Total Compensation").
The purchase price set forth in the Real Estate Purchase and Sale Agreement attached to the resolution, is in the amount of the Total Compensation.
Fiscal Impact
This $3,581 purchase is available in Account 92727 (Substation Capacity Upgrade- Co-op), for this purpose.
Staff/Board Recommending
David McCalla, Director of Electric Utilities Electric Utility Board