SUBJECT: Abandonment and sale of a 10 foot-wide utility easement within Lots 18 through 21, Block 1, in exchange for conveyance to the City of a 10 foot-wide access easement within Lot 18, Block 1, both located within the Bradford Place Subdivision and Restricted Reserve "A" of the Cory Place Court Subdivision, out of the A.C. Reynolds Survey, A-61. Parcels SY17-062 and AY17- 282
RECOMMENDATION: It is recommended City Council approve an ordinance authorizing the abandonment and sale of a 10 foot-wide utility easement within Lots 18 through 21, Block 1, in exchange for a consideration of $23,800.00 plus conveyance to the City of a 10 foot-wide access easement within Lot 18, Block 1, both located within the Bradford Place Subdivision and Restricted Reserve "A" of the Cory Place Court Subdivision, out of the A.C. Reynolds Survey, A-61. out of the A.C. Reynolds Survey, A-61. Parcels SY17-062 and AY17- 282
SPECIFIC EXPLANATION: Dorthy Brand, Hovis Surveying Company, 5000 Cabbage Street, Spring, Texas, 77379, requested on behalf of JB Ruben-Stein Properties, LLC, (Scott Rubenstein, Manager), the abandonment and sale of a 10 foot-wide utility easement within Lots 18 through 21, Block 1, in exchange for conveyance to the City of a 10 foot-wide access easement within Lot 18, Block 1, both located within the Bradford Place Subdivision and Restricted Reserve "A" of the Cory Place Court Subdivision, out of the A.C. Reynolds Survey, A-61. JB Ruben-Stein Properties, LLC, plans to redevelop the area as a multi-story mixed use development.
JB Ruben-Stein Properties, LLC, has completed the transaction requirements, has accepted the City's offer, and has rendered payment in full.
The City will abandon and sell to JB Ruben-Stein Properties, LLC:
Parcel SY17-062
2,000 square feet of utility easement $68,000.00
Valued at $68.00 per square foot x 50%
TOTAL ABANDONMENTS AND SALE $68,000.00
In exchange, JB Ruben-Stein Properties, LLC, will pay:
Cash $23,800.00
Plus convey to the City
Parcel AY17-282
1,300 square feet of access easement $44,200.00
Valued at $68.00 per square foot x 50%
TOTAL CASH AND CONVEYANCE $68,000.00
Therefore, it is recommended City Council approve an ordinance authorizing the abandonment and sale of a 10 foot-wide utility easement within Lots 18 through 21, Block 1, in exchange for a consideration of $23,800.00 plus conveyance to the City of a 10 foot-wide access easement within Lot 18, Block 1, both located within the Bradford Place Subdivision and Restricted Reserve "A" of the Cory Place Court Subdivision, out of the A.C. Reynolds Survey, A-61.
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Carol Ellinger Haddock, P.E., Acting Director
Department of Public Works and Engineering