Title
Approving a Pflugerville Community Development Corporation (PCDC) sales contract for $24,500,000 regarding Project Greenfield for the purchase of real property, being a 52.686 acre tract of land located in the E. Kirkland Survey No. 7, Abstract No. 458, Travis County, Texas, locally addressed as 3615 E. Pflugerville Parkway, pending due diligence during feasibility period.
Summary
Project Greenfield is an approximately 52.686 acre tract of land, generally located south of Lake Pflugerville, east of State Highway 130, and west of Weiss Lane. The property is currently zoned Agriculture/Development Reserve (A), and is mostly vacant land. The site takes access from Pflugerville Parkway, a future 100-foot right-of-way, and is able to easily be served by nearby utilities for water and wastewater.
The property is currently under contract by PCDC and is in the feasibility and due diligence period. Prior to development, the property will be required to go through zoning, subdivision, and site planning.
This item is supported by many plans that have been adopted by City Council:
1. Economic Development pillar of the Strategic Plan;
2. Comprehensive Economic Development Strategy 3.0 - "other opportunities are to be explored, including investing in mixed-use developments, including infrastructure and land purchase opportunities to improve shopping, dining, and entertainment options;"
3. Retail Recruitment Policy; and
4. Aspire Pflugerville 2040 Comprehensive Plan
Prior City Council Action
N/A
PCDC Action
On September 4, 2024 the PCDC Board conducted a public hearing regarding the item, and recommended approval of entering into a sales contract for Project Greenfield, as described in the attached exhibits.
Deadline for City Council Action
Staff is requesting approval of the sales contract at the October 8, 2024 meeting.
Funding Expected: Revenue __ Expenditure __ N/A __
Budgeted Item: Yes __ No __ N/A __
Amount: ________
1295 Form Required? Yes __ No __
Legal Review Required: N/A __ Required __ Date Completed: September 6, 2024
Supporting documents attached:
Purchase Agreement
Leaseback Agreement
Recommended Action
Staff is recommending approval the sales contract for an approximately 52.686 acre tract of land, known as Project Greenfield.