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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/6/2017
District E
Item Creation Date: 8/2/2017
25DW28 - Trailhead Management PSA (2)
Agenda Item#: 10.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing Purchase and Sale Agreement between the City of Houston, Texas, Seller, and TRAILHEAD MANAGEMENT, LLC, Purchaser, for the sale of approximately 12.83 acres of land located at the southwest quadrant of Fuqua Street and Freehill Street, in the G. P. Burnett Survey, Abstract No. 1062, Houston, Harris County, Texas (Parcel No. SY14-137), for $994,800.00 - DISTRICT E - MARTIN
TAGGED BY COUNCIL MEMBER EDWARDS
This was Item 17 on Agenda of August 30, 2017 |
| | | | | | | | Background:
On October 15, 2014, Motion No. 2014-0935, City Council declared Parcel SY14-137 to be surplus and authorized its sealed bid sale. Subsequently, on November 16, 2016, Ordinance No. 2016-0869, City Council authorized a Marketing Agreement with Transwestern Property Company SW GP, LLC, dba Transwestern (Transwestern) to market the property for sale.
Parcel SY14-137 consists of 12.83 acres of vacant land. The tract has visibility from the south line of Fuqua St. via a 100’ Harris County Flood Control easement, but only has access from the west line of Freehill Street, located near I-45 South and Beltway 8. The property’s highest and best use is light industrial/commercial. Transwestern actively marketed the property to developers, investors, builders and end users and listed the property on six websites that included Commercial Gateway of the Houston Association of Realtors. The City received several inquiries but only two written offers were submitted. Trailhead Management, LLC submitted the highest offer and plans to develop the property for light industrial, concrete tilt-wall warehousing.
Therefore, the General Services Department recommends that City Council approve and authorize a Purchase and Sale Agreement with Trailhead Management, LLC for Parcel SY14-137 for a purchase price of $994,800.00, which is 6.97% over the appraised market value. It is further recommended that City Council authorize the Mayor to execute and the City Secretary to attest a Special Warranty Deed conveying the property to Trailhead Management, LLC.
After payment of a 3% brokerage commission to Transwestern, pursuant to the Marketing Agreement, the net sale proceeds will be directed to the Combined Utility System Enterprise Fund. |
| | | | | | | | Prior Council Action:
Motion No. 2014-0935; October 15, 2014
Ordinance No. 2016-0869; November 16, 2016 |
| | | | | | | | Contact Information:
Jacquelyn L. Nisby, Phone: 832-393-8023 |
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