ORDINANCE declaring Surplus and authorizing Purchase and Sale Agreement between City of Houston, Texas Seller, and P.M. INVESTORS, INC, Purchaser, for sale of two (2) contiguous parcels of land located south of Bush Intercontinental Airport near intersection of Sam Houston Tollway/Beltway 8 and Morales Road, Houston, Harris County, Texas (Parcel Nos. 0741410000048 and 0741410000017), for $215,000.00 - Revenue - DISTRICT B - JACKSON

RECOMMENDATION:
Adopt an ordinance approving and authorizing a Purchase and Sale Agreement between the City of Houston, as Seller, and P. M Investors, Inc., as Buyer, in connection with the sale of two parcels of vacant land at George Bush Intercontinental Airport/Houston (IAH).

SPECIFIC EXPLANATION:
In 2005, the City of Houston, through its Houston Airport System (HAS), purchased two (2) contiguous parcels of land from the previous owners as part of a noise mitigation program. The property is located south of IAH, near the intersection of Beltway 8 and Morales Road.

HAS has determined the properties to be surplus to its needs and canvassed other City departments, but none were interested in acquiring the properties. The properties were subsequently advertised to the general public via bid sale. The successful bidder, P. M. Investors, Inc., submitted a bid in the amount of $215,000.00, which exceeded the minimum bid of $191,000.00 based on appraisal.

HAS requests approval of the Purchase and Sale Agreement for the property sale described below:

The Legal Department prepared the Purchase and Sale Agreement and has reviewed the documentation related to the acquisition.

Fiscal Note:
Revenue for this item is not included in the FY2026 Adopted Budget. Therefore, a Fiscal Note is required as stated in the Financial Policies.

Director’s Signature:



______________________
Jim Szczesniak
Houston Airport System