Title
Authorizing the City Manager, for a period not to exceed six months, to allocate $25,000 and execute documents to contribute to the acquisition of 10 acres of real property (Randig Tract) by Sorento Holdings 2012 LLC of which approximately 4.2 acres will be provided to the City for park and open space use.
Summary
Sorento Holdings 2012 LLC has been in negotiations with the the owner of the 10-acre tract that is situated between Sorento and City of Pflugerville property. A remnant of the former Pflugerville Industrial Park lies to the east and is still owned by the Pflugerville Community Development Corporation (PCDC). As depicted on the attached map, several properties also owned by the city are contiguous and result in a larger park and open space development opportunity currently being evaluated by Halff Associates. About half of the 10-acre tract lies within a Special Flood Hazard Area and is not developable but could be a link in an area hike and bike trail system.
Status
On May 9, 2013, the PCDC conducted a public hearing and authorized $25,000 to match the City's proposed allocation to assist Sorento in the acquisition of the 10-acre Randig Tract. The City's contribution request letter to PCDC is attached. Most recent indications are that real estate negotiations have been suspended, but authorization of these funds allows the City Manager to proceed should negotiations resume.
Deadline for City Council Action
There is no deadline associated with this action.
Fiscal Impact
This expenditure will be included in the budget amendments for the third quarter of fiscal year 2013. Funds will be allocated from excess fiscal year 2013 revenues.
Staff Recommendation
Staff recommends approval.
Drafter
Trey Fletcher, AICP
Assistant City Manager