Title
Approving an agreement to purchase an approximate 2.56 acre tract of land out of Lot 1, Amended Final Plat of Romans 8:28, recorded in Document No. 201900127, of the official records of Travis County, Texas, also known as a portion of 500 E. Pecan, in an amount not to exceed $503,254 and land exchange of approximately one acre, and authorizing the City Manager to execute the same.
Summary
The agreement is for the purchase of property located at 500 E. Pecan for right of way acquisition for the future extension of Main Street from Railroad westward. Main Street design and construction is part of the plans for Phase I of Downtown East. Right of way acquisition was funded as part of the 2020 General Obligation Bonds. Construction is anticipated to begin for the Downtown East project in the 4th quarter of 2024.
Deadline for City Council Action
Action is requested on September 10, 2024.
Funding Expected: Revenue __ Expenditure _X_ N/A __
Budgeted Item: Yes _X_ No __ N/A __
Amount: $503,254
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: September 5, 2024
Supporting documents attached:
Purchase Agreement
Recommended Action
Approve the purchase agreement for an approximate 2.56 acre tract of land, and authorize the City Manager to execute the same.