SUBJECT: Ordinance approving and authorizing the sale of 215,309 square feet of a right of way easement, located out of and a part of Buffalo Bayou. Parcel SY24-056
RECOMMENDATION:
It is recommended City Council approve an ordinance authorizing the sale of 215,309 square feet of a right of way easement, located and out of and a part of Buffalo Bayou, in exchange to the City of a consideration of $613,631.00. Parcel SY24-056
SPECIFIC EXPLANATION: Houston Public Works-Capital Projects-Real Estate Services received an offer from Mallory Kesterson, Right-of-Way Agent for Stateside Right of Way Services, LLC on behalf of the Texas Department of Transportation to purchase 215,309 square feet of right of way easement out of City fee owned land. The acquisition request is for a right of way easement, located out of and a part of Buffalo Bayou, in exchange to the City of a consideration of $613,631.00.
Parcel SY24-056constructing 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. 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 David Ambrose, MAI, with The Ambrose Group with its purchase offer to the City. A staff appraiser in Houston Public Works has reviewed the appraisal report and finds it acceptable.
The City will sell to Texas Department of Transportation:
Parcel SY24-056
215,309 SF @$30.00 PSF@10% X 95% ...............$613,631.00 (R)
TOTAL SALE......................................................... $ 613,631.00
It is recommended that City Council approve an ordinance authorizing the sale of 215,309 square feet of a right of way easement, located out of and a part of Buffalo Bayou, in exchange to the City of a consideration of $613,631.00.
FISCAL NOTE: Revenue for this item is included in the FY2025 Adopted Budget. Therefore, no Fiscal Note is required as stated in the financial Policies.
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Randall V. Macchi
Chief Operating Officer
Houston Public Works