Title
1.) Executive Session Item: Consultation with legal counsel pursuant to Chapter 551.071 of the Texas Government Code, deliberations on economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code, and deliberation regarding real property pursuant to Chapter 551.072 of the Texas Government Code regarding the sale of approximately 29.79 acres of land owned by the Pflugerville Community Development Corporation (PCDC) in the One-Thirty Commerce Center described as Renewable Energy Park, Renewable Energy Park Lot 3D and Lot 3E, Final Plat Replat of Lot 3C - Renewable Energy Park as described in Exhibit A to Southern Land, LLC. 2.) Open Session Item: Discuss and consider action to approve a resolution authorizing the sale of approximately 29.79 acres of land owned by the Pflugerville Community Development Corporation (PCDC) in the One-Thirty Commerce Center described as Renewable Energy Park, Renewable Energy Park Lot 3D and Lot 3E, Final Plat Replat of Lot 3C - Renewable Energy Park as described in Exhibit A to Southern Land, LLC.
Summary
This item has been included on the agenda to allow for discussion and potential action. The City Council may retire to executive session on the item for consultation with legal counsel pursuant to Chapter 551.071 of the Texas Government Code, deliberations on economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code, and deliberation regarding real property pursuant to Chapter 551.072 of the Texas Government Code. Action, if any, will be taken in open session.
This item is to request City Council approval for the sale of approximately 29.79 acres of land in the One-Thirty Commerce Center by the PCDC to Southern Land, LLC for the planned development of two commercial warehouse facilities to include offices, manufacturing and warehousing. Please find the attached City Council resolution, PCDC resolution and land sale contract. As specified in the land sale contract, sale of the property is contingent upon the completion of the due diligence provisions, and a drainage maintenance agreement to be replaced with property owners association documents upon completion of such documents.
Status
The PCDC Board will consider action to approve the sale of land during their regular meeting on July 21, 2016.
Deadline for City Council Action
City Council consideration is requested at the July 26, 2016 regular City Council meeting.
Fiscal Impact
PCDC will receive gross revenue from this land sale in the amount of $3,763,191.96 based on $2.90 per sf. Net amount will be less any closing costs and commissions paid.
Staff Recommendation
PCDC staff recommends approval.
Drafter
Amy Madison
Executive Director
Pflugerville Community Development Corporation