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CITY OF HOUSTON - CITY COUNCIL Meeting Date: 8/2/2016 District H
Item Creation Date:
25RB180 - AWAD INVESTMENT GROUP, INC. Parcel SY14-128
Agenda Item#: 18.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing Purchase and Sale Agreement between the City of Houston, Texas, Seller, and AWAD INVESTMENT GROUP, INC, Purchaser, for the sale of 14.357 acres of land located at 815 Dorsett Street, being a part of the John Brown Survey, Abstract Number 8, Houston, Harris County, Texas, for $2,390,000.00; approving and authorizing a Special Warranty Deed - DISTRICT H - CISNEROS |
| | | | | | | | Background:
SPECIFIC EXPLANATION: On July 9, 2014, Ordinance No. 2014-695, City Council declared Parcel SY14-128 to be surplus property, appointed two independent appraisers to determine fair market value, and approved a Real Estate Listing Agreement with Cushman & Wakefield of Texas, Inc. (Cushman & Wakefield) to market the property for sale. The Real Estate Listing Agreement with Cushman & Wakefield was subsequently renewed on April 8, 2015 by Ordinance No. 2015-285.
The property’s highest and best use is considered to be non-residential, commercial/industrial. Cushman & Wakefield actively marketed the property to developers, investors and builders through four commercial multiple-listing services, letters to the surrounding neighbors, and email blasts to industrial developers and brokers citywide. The results included strong offers from seven quality purchasers. AWAD INVESTMENT GROUP, INC. submitted the highest offer.
Therefore, the General Services Department recommends that City Council approve and authorize a Purchase Agreement with AWAD INVESTMENT GROUP, INC. for the above-described property for a purchase price of $2,390,000.00, which is the appraised fair market value. It is further recommended that City Council authorize the Mayor to execute and the City Secretary to attest a Special Warranty Deed conveying the property to AWAD INVESTMENT GROUP, INC. Under the terms of the Purchase Agreement, the property is restricted to non-residential, commercial/industrial use.
After payment of a 4% brokerage commission to Cushman & Wakefield, pursuant to the Real Estate Listing Agreement, the net sale proceeds will be directed to the General Fund.
SM:HB:JLN:RB:npb
xc: Marta Crinejo, Anna Russell, Jacquelyn L. Nisby and Luci Correa |
| | | | | | | | Prior Council Action:
Ordinance No. 2014-695; July 9, 2014 |
| | | | | | | | Amount of Funding: Revenue |
| | | | | | | | Contact Information:
Jacquelyn L. Nisby Phone: 832-393-8023 |
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