SUBJECT: Ordinance authorizing the abandonment and sale of a 20-foot-wide storm sewer easement being out of and a part of Restricted Reserve "B", Wells Fargo Waugh, out of Obediance Smith League, A-696. Parcel SY24-022
RECOMMENDATION: It is recommended City Council approve an ordinance authorizing the abandonment and sale of a 20-foot-wide storm sewer easement being out of and a part of Restricted Reserve "B", Wells Fargo Waugh, out of Obediance Smith League, A-696, in exchange for a consideration of $209,633.00. Parcel SY24-022
SPECIFIC EXPLANATION:
Wells Fargo Bank, National Association, requested the abandonment and sale of a 20-foot-wide storm sewer easement being out of and a part of Restricted Reserve "B", Wells Fargo Waugh, out of Obediance Smith League, A-696. The applicant plans to construct a new bank building over the existing storm sewer easement. The Joint Referral Committee reviewed and approved the request.
Wells Fargo Bank, National Association has completed the transaction requirements, has accepted the City’s offer and has rendered payment in full.
The City will abandon and sell to Wells Fargo Bank, National Association:
| Parcel SY24-022 |
|
|
|
| 3993 square feet of storm sewer easement |
|
|
$209,633.00 |
| Valued at $105.00 per square foot x 50% |
|
|
|
| |
|
|
|
| TOTAL ABANDONMENT AND SALE |
|
|
$209,633.00 |
| |
|
|
|
| |
|
|
|
Therefore, it is recommended City Council approve an ordinance authorizing the abandonment and sale of a 20-foot-wide storm sewer easement being out of and a part of Restricted Reserve "B", Wells Fargo Waugh, out of Obediance Smith League, A-696, in exchange for a consideration of $209,633.00.
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.
_____________________________
Randall V. Macchi
Chief Operating Officer
Houston Public Works