SUBJECT: PROPERTY: Recommendation that an ordinance be passed approving the Purchase and Sale Agreement between C.G. Reserve 164 Texas, L.P. and the City of Houston, and authorizing payment of purchase price for the acquisition of Parcels AY17-139, AY17-140, AY17-141, AY17-142, AY17-145 and LY17-021, all of which are located along the East and West Frontage of the Fort Bend County Toll Road, South Fondren Road, Missouri City, TX 77489 for the HILLCROFT AVENUE AND COURT ROAD EXTENSION PROJECT.
RECOMMENDATION: (Summary) An ordinance be passed approving the Purchase and Sale Agreement between C.G. Reserve 164 Texas, L.P., and the City of Houston, and authorizing the payment of the purchase price for the acquisition of Parcels AY17-139, AY17-140, AY17-141, AY17-142, AY17-145 and LY17-021.
SPECIFIC EXPLANATION:
The Hillcroft Avenue and Court Road Extension Project provides for the construction of northbound and southbound frontage road ramps along the Fort Bend Parkway and the extension of Court Road from Quailynn Road east to the proposed southbound frontage road. It also provides for the extension of water lines and storm drainage systems along each roadway corridor as well as bridges spanning the Fort Bend County Drainage District Ditch. These improvements will upgrade existing roadway to Major Thoroughfare and Freeway Plan (M.T.F.P.) standards and will provide for increased mobility, storm water detention, traffic circulation, drainage and safety in the service area.
The City will acquire 41,679 square feet of land in fee on Parcel AY17-139, 45,921 square feet of land in fee on Parcel AY17-140, 72,591 square feet of land in fee on Parcel AY17-141, 67,730 square feet of land in fee on Parcel AY17-142, 112,035 square feet of land in fee on Parcel AY17-145 and 68,188 square feet of land in fee on Parcel LY17-021. The City’s offer was based on an appraisal by Michael J. Urban, MAI, SRA. The breakdown of the purchase amount is as follows:
Parcel AY17-139 (Fee)
LAND
39,622 Square feet @ $1.50 PSF X 100% ................................................ $ 59,433.00
2,057 Square feet @ $1.50 PSF X 1% ...................................................... $ 31.00
TOTAL CONSIDERATION FOR PARCEL AY17-139...................................$ 59,464.00
Parcel AY17-140 (Fee)
LAND
45,259 Square feet @ $1.50 PSF X 100% ................................................ $ 67,889.00
662 Square feet @ $1.50 PSF X 1% ......................................................... $ 10.00
TOTAL CONSIDERATION FOR PARCEL AY17-140...................................$ 67,899.00
Parcel AY17-141 (Fee)
LAND
72,591 Square feet @ $1.50 PSF X 100% ................................................ $ 108,887.00
Parcel AY17-142 (Fee)
LAND
67,730 Square feet @ $1.50 PSF X 100% ................................................ $ 101,595.00
Parcel AY17-145 (Fee)
LAND
112,035 Square feet @ $1.50 PSF X 100% .............................................. $ 168,053.00
Parcel LY17-021 (Fee)
LAND
68,188 Square feet @ $1.50 PSF X 100% ................................................ $ 102,282.00
TOTAL CONSIDERATION FOR PARCELS AY17-139, AY17-140, AY17-141, AY17-142
AY17-145 and LY17-021..............................................................................$608,180.00
Title Policy and Services .......................................................................….. $ 5,700.00
TOTAL AMOUNT ........................................................................................$ 613,880.00
It is recommended that an ordinance be passed approving the Purchase and Sale Agreement between C.G. Reserve 164 Texas, L.P., and the City of Houston, and authorizing the payment of the purchase price for the acquisiton of land and improvements thereon for Parcels AY17-139, AY17-140, AY17-141, AY17-142, AY17-145, and LY17-021, all of which are located along the East and West Frontage of the Fort Bend County Toll Road, South of Fondren Road, Missouri City, TX 77489.
Parcel AY17-139 contains a 0.9568 of one acre (41,679 square feet) tract of land situated in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, being out of the Easterly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, according to City of Houston approved field notes.
Parcel AY17-140 contains a 1.054 of one acre (45,921 square feet) tract of land situated in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, being out of the Westerly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, according to City of Houston approved field notes.
Parcel AY17-141 contains a 1.666 of one acre (72,591 square feet) tract of land situated in in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, being out of the Easterly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, according to City of Houston approved field notes.
Parcel AY19-142 contains a 1.555 of one acre (67,730 square feet) tract of land situated in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, being out of the Westerly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, executed August 17, 2005, according to City of Houston approved field notes.
Parcel AY17-145 contains a 2.572 of one acre (112,035 square feet) tract of land situated in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, and being situated in the H. Shropshire (Heirs) Survey, Abstract 313, Fort Bend County, Texas, being out of the Westerly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, executed August 17, 2005, according to City of Houston approved field notes.
Parcel LY17-021 contains a 1.565 of one acre (68,188 square feet) tract of land situated in Heirs of Edward Drew Survey, Abstract 163, Fort Bend County, Texas, and being situated in the H. Shropshire (Heirs) Survey, Abstract 313, Fort Bend County, Texas, being out of the Easterly part of a residue of called 212.0554 acre tract of land conveyed to CG Reserve 164 Texas, L.P. by deed filed under Clerk's File Number 2005109813 of the Official Public Records of Fort Bend County, Texas, executed August 17, 2005, according to City of Houston approved field notes.
"No significant Fiscal Operating impact is anticipated as a result of this action."
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Carol Ellinger Haddock, P.E., Director
Houston Public Works
WBS N-000821-0002-2