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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 11/15/2016
District F
Item Creation Date: 10/19/2016
25DW23 - Export 220volt, Inc.
Agenda Item#: 22.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing Purchase and Sale Agreement between the City of Houston, Texas, Seller, and EXPORT 220VOLT, INC, Purchaser, for the sale of approximately 1.7154 acres of land located at 8002 Westpark Drive, Houston, Harris County, Texas [Parcel No. S97-028], for $910,000.00 - DISTRICT F - LE |
| | | | | | | | Background:
On October 15, 2014, Motion No. 2014-0935, City Council declared SY97-028 surplus and authorized its sealed bid sale. Subsequently, on April 27, 2016, Ordinance No. 2016-0335, City Council authorized a Real Estate Marketing Agreement with Ryland Enterprises, Inc., dba ARVO Realty Advisors, LLC, (ARVO) to actively market the property for sale.
Parcel SY97-028 consists of 74,725 square feet, or 1.7154 acres of vacant land. The tract is the former Southwest Water Well Site #7 located in the near west southwest part of Houston, along the northern line of Westpark Drive. The property’s highest and best use is considered to be commercial. ARVO actively marketed the property to developers, investors, builders and end users and listed the property on the Houston Association of Realtors website. The City received several inquiries but only two written offers were submitted. The results included one compelling offer over appraised market value. Export 220volt, Inc. submitted the highest offer.
Therefore, the General Services Department recommends that City Council approve and authorize a Purchase and Sale Agreement with Export 220volt, Inc. for Parcel SY97-028 for a purchase price of $910,000.00, which is 35.32% over the appraised 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 Export 220volt, Inc.
After payment of a 4% brokerage commission to ARVO pursuant to the Real Estate Marketing Agreement, the net sale proceeds will be directed to the Combined Utility System Enterprise Fund. |
| | | | | | | | Prior Council Action:
Motion No. 2014-0935; October 15, 2014
Ordinance No. 2016-0335; April 27, 2016 |
| | | | | | | | Contact Information:
Jacquelyn L. Nisby
Phone: 832-393-8023 |
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