Title
Discuss and consider accepting a release of a reversionary interest held by Tack Development, Ltd. And Hagn and Timmerman, Ltd. on approximately 2.56 acres of property conveyed to the City in 1985, as more specifically described in a Warranty Deed to the City in the real property records of Travis County, Texas, at Volume 9236, Page 954 as Instrument No. 03934975
Summary
On July 21, 1985, Leah J. Hagn, Theodor R. Timmerman, Elmer H. Timmerman, Erline H. Timmerman, and the Elmer H. Timmerman Trust (collectively the “Timmermans”) conveyed a 2.56 acre tract of land (“Property”) to the City by Warranty deed for roadway access purposes to the City’s Public Works property. However, by virtue of the Warranty Deed, the Timmermans retained a reversionary interest in the Property providing conditions under which fee simple title to the Property would revert to the Timmermans. Ownership of this reversionary interest is now held by Tack Development, Ltd. And Hagn and Timmerman, Ltd. who desire, in conjunction with the development of adjacent property, to release their reversionary interest in the Property, which is beneficial to the City due to the location of public sewer infrastructure on the Property.
Status
The attached resolution and proposed reversionary release document will enable the City to secure this reversionary interest, thereby providing the City absolute fee simple title to the Property.
Prior City Council Action
None.
Deadline for City Council Action
January 10, 2017
Projected Future City Council Action
None.
Fiscal Impact
The fiscal impact associated with this action is limited to recording fees associated with recording the release in the real property records of Travis County, Texas.
Staff Recommendation
Approve the resolution.
Drafter
George Hyde
City Attorney