SUBJECT: Ordinance authorizing the abandonment and sale of Keene Street (aka West Montgomery Street), from its northern terminus south ±118 feet, in exchange for conveyance to the City of right-of-way for and construction of a cul-de-sac at the proposed terminus of Keene Street, out of the John Austin Two League Grant, A-1. Parcels SY17-003 and AY17-121
RECOMMENDATION: (Summary) It is recommended City Council approve an ordinance authorizing the abandonment and sale of Keene Street (aka West Montgomery Street), from its northern terminus south ±118 feet, in exchange for a consideration of $90,067.00 plus conveyance to the City of right-of-way for and construction of a cul-de-sac at the proposed terminus of Keene Street, out of the John Austin Two League Grant, A-1. Parcels SY17-003 and AY17-121
SPECIFIC EXPLANATION: Jeff Melloy, on behalf of Little White Oak Real Estate Holdings, LLP, 4545 Post Oak Place Drive, Suite 205, Houston, Texas, 77027 (Will Garwood, Manager), requested the abandonment and sale of Keene Street (aka West Montgomery Street), from its northern terminus south ±118 feet, in exchange for conveyance to the City of right-of-way for and construction of a cul-de-sac at the proposed terminus of Keene Street, out of the John Austin Two League Grant, A-1. Little White Oak Real Estate Holdings, LLP, the abutting property owner, plans to use the abandonment area of Keene Street for future development associated with White Oak Music Hall. The Joint Referral Committee reviewed and approved this request.
Little White Oak Real Estate Holdings, LLP has complied with the transaction requirements, has accepted the City’s offer, and has rendered payment in full.
The City will sell to Little White Oak Real Estate Holdings, LLP:
Parcel SY17-003
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3,544 square-foot right-of-way easement:
Valued at $27.00 per square foot X 100%
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$95,688.00 |
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Depreciated value of street improvements: |
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$ 3,100.00 |
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TOTAL ABANDONMENT |
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$98,788.00 |
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In exchange, Little White Oak Real Estate Holdings, LLP paid: |
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Cash
Plus conveyed to the City:
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$90,067.00 |
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Parcel AY17-121 |
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323 square-foot right-of-way easement:
Valued at $27.00 per square foot X 100$
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$ 8,721.00 |
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TOTAL CASH AND CONVEYANCES |
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$98,788.00 |
Therefore, it is recommended City Council approve an Ordinance authorizing the abandonment and sale of Keene Street (aka West Montgomery Street), from its northern terminus south ±118 feet, in exchange for conveyance to the City of right-of-way for and construction of a cul-de-sac at the proposed terminus of Keene Street, out of the John Austin Two League Grant, A-1.
Carol Ellinger Haddock, P.E.
Acting Director
Department of Public Works and Engineering