ORDINANCE authorizing the sale of 296,557 square feet of City fee owned land, located along East Loop (EL) & West Loop (WL) of IH 45 and EL of IH 10, at the terminus of James Street, situated in the John Austin Survey, Abstract No. 1, Harris County, Texas; selling the property to Texas Department of Transportation to reconstruct a portion of the IH 45 Highway, known as the North Houston Highway Improvement Project (NHHIP), at IH 69 North and IH 10, between Houston’s downtown and North Sam Houston Tollway (Beltway 8), in consideration of its payment to the City in the amount of $527,675.00 and other good and valuable consideration - DISTRICT H - CASTILLO

SUBJECT: Ordinance approving and authorizing the sale of a 296,557 square feet parcel of land, located along East Loop (EL) & West Loop (WL) of IH 45 and EL of IH10, at the terminus of James Street, out of the John Austin Survey, A-1. Parcel SY24-014

RECOMMENDATION: It is recommended City Council approve an ordinance authorizing the sale of 296,557 square feet of land, located along EL & WL of IH 45 and EL of IH10, at the terminus of James Street, out of the John Austin Survey, A-1, in exchange to the City of a consideration of $527,675.00. Parcel SY24-014

SPECIFIC EXPLANATION:
Houston Public Works-Capital Projects-Real Estate Services received an offer from Larry Montenegro, Right-of-Way Agent for Texas Land Professionals, Inc. on behalf of the Texas Department of Transportation to purchase 296,557 square feet of City fee owned land out of the John Austin Survey, A-1. The acquisition request is for constructing a portion of the IH 45 Highway Construction Project, known as The North Houston Highway Improvement Project (NHHIP) at IH 69 North and IH 10. The North Houston Highway Improvement Project (NHHIP) is a reconstruction of I-45N, between Houston’s downtown and North Sam Houston Tollway (Beltway 8).

Section 272.001(b)(5) of the Local Government Code, pertaining to the sale of real property interests to a governmental entity that has
the power of eminent domain, provides for the payment of a consideration based upon the appraised fair market value. The Texas Department of Transportation submitted its appraisal report performed by Lory R. Johnson, MAI, SR/WA with Atrium Real Estate Services with its purchase offer to the City. A staff appraiser in Houston Public Works has reviewed the appraisal report and finds it acceptable. The sale has been reviewed and approved by Houston Public Works – Transportation and Drainage Operations.

The City will sell to the Texas Department of Transportation:

Parcel SY24-014
296,557 square feet of Land
Valued at $1.75 PSF x 100%.................................$518,975.00 (R)
Depreciated Value Improvements…………………… $8,700.00


TOTAL SALE:                                                         $527,675.00

Therefore, it is recommended City Council approve an ordinance authorizing the sale of a 296,557 square feet parcel of land, located along EL & WL of IH 45 and EL of IH10, at the terminus of James Street, out of the John Austin Survey, A-1.

FISCAL NOTE: Revenue for this item is included in the FY2024 Adopted Budget. Therefore, no Fiscal Note is required as stated in the Financial Policies.

Carol Ellinger Haddock, P.E., Director

Houston Public Works

REVENUE
Fund 1000
General Fund