Title
Approving an agreement to purchase an approximate 0.5385 acre tract of land out of C.S. Parish Survey, Travis County, Texas recorded in Document No. 1999113416 Deed Records of Travis County, Texas, also known as 103 N. Railroad, in an amount not to exceed $1,690,000, and authorizing the City Manager to execute the same.
Summary
The agreement is for the purchase of property, known as Wordyisms (103 N. Railroad), 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. The building will continued to be used for Parks Department offices until construction commences for Main Street. Construction is anticipated to begin in the 4th quarter of 2024.
Deadline for City Council Action
Action is requested on January 9, 2023
Funding Expected: Revenue __ Expenditure _X_ N/A __
Budgeted Item: Yes _X_ No __ N/A __
Amount: $1,690,000
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: December 20, 2023
Supporting documents attached:
Purchase Agreement
Recommended Action
Approve the purchase agreement for an approximate 0.5385 acre tract of land, and authorize the City Manager to execute the same.