Title
Approving a resolution authorizing the sale of approximately 2.329 acres of land owned by the Pflugerville Community Development Corporation (PCDC) in the One-Thirty Commerce Center described as Renewable Energy Park, Lot 1B (a portion of) “Future Lot 1B” as described in Exhibit A to SRH Hospitality Holdings, LLC.
Summary
This item is to request City Council approval for the sale of approximately 2.329 acres of land in the One-Thirty Commerce Center by the PCDC to SRH Holdings, LLC for the planned development of a Fairfield Inn. 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, the platting requirements contained in the agreement, and a drainage maintenance agreement to be replaced with property owners association documents upon completion of such documents.
Status
The PCDC Board unanimously approved the sale of land during a Special Meeting on Wednesday, June 1, 2016. This action must also be approved by the City Council.
Deadline for City Council Action
Consideration is requested at the June 14, 2016 Regular City Council meeting.
Fiscal Impact
PCDC will receive revenue from this land sale in the amount $405,804.96, based on $4.00 per sf.
Staff Recommendation
The PCDC Board recommends approval.
Drafter
Amy Madison
Executive Director