From
Letecia McClendon
Title
Resolution entering into an agreement with Miami Partners LLC and Highway I-30 Investors LLC; dedicating rights of way and easements and constructing a Palace Parkway extension
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
On September 1, 2016, the City of Grand Prairie, Miami Partners LLC and Highway I-30 Investors LLC teamed on a Request for Development Proposals for 55.5 acres wrapping the northeast corner of IH-30 and Belt Line Road. While two letters of interest were received by the October 27, 2016 deadline, the request failed to attract an actual development proposal.
On June 20, 2017, an attorney on behalf of Miami Partners LLC submitted an alternative proposal for City Council consideration to facilitate construction of the Palace Parkway extension through the three tracts. The Palace Parkway extension has already been designed, and the Grand Prairie Tax Increment Reinvestment Zone #1 has sufficient funds for the project’s construction. Extension of Palace Parkway will create a levee, helping property owners begin to reclaim property for eventual development.
In particular, the attorney representing Miami Partners LLC proposed that:
Ø The City deed to Miami Partners LLC fee simple title to approximately 23.4 acres in exchange for Miami’s deed of Palace Parkway rights of way and easements.
Ø As a condition, the City will complete the Palace Parkway extension within 12 months of the property exchange.
Ø Miami Partners and Highway I-30 Investors LLC agree to prohibit fast food or quick serve restaurants for three (3) years after the exchange-with the exception of one pad, either immediately north of QuikTrip or east of Whataburger.
Ø In exchange for Highway I-30 Investors LLC donating Palace Parkway rights of way and easements, the City will assist Highway I-30 Investors with their on-site tree removal (not to exceed $60,000) and in communicating with the USACOE and FEMA on site reclamation. Highway I-30 Investors will incur no fees to deed acreage for Palace Parkway rights of way and easements.
Ø The City will cover the cost of developing a master plan of the 55.5 acres.
Financial Consideration
Estimated ROW Costs, Miami Partners LLC - $1,031,820
Estimated ROW Costs, Highway I-30 Investors LLC - $105,000
City's Cost for 23.4 acres - $280,000 (surplus right of way from TxDOT)
Funding for the construction in the amount of $2,842,000 is available as follows:
1. $2,541,390 is available in the Street Capital Projects Funds (400192), WO #09903601-03 (Palace Connection to IH-30 off ramp)
2, $300,610 is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Street Capital Projects Fund (400192), to WO #09903601-03 (Palace Connection to IH-30 off ramp). The ordinance will need to have separate City Council Action.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER INTO AN AGREEMENT WITH MIAMI PARTNERS LLC AND HIGHWAY I-30 INVESTORS LLC FOR DEDICATION OF RIGHTS OF WAY AND EASEMENTS AND CONSTRUCTION OF A PALACE PARKWAY EXTENSION
Whereas, the City of Grand Prairie, Miami Partners LLC and Highway I-30 Investors LLC desire to extend Palace Parkway east from Belt Line Road to the IH-30 frontage road, helping create a levee that contributes to reclamation and eventual development of 55.5 acres of land wrapping the northeast corner of Belt Line Road and IH-30; and
Whereas, construction plans have already been prepared for construction of the extension of Palace Parkway, and the City of Grand Prairie has determined that Tax Increment Reinvestment Zone #1 has yielded sufficient funds to construct the extension; and
Whereas, attorneys on behalf of Miami Partners LLC have proposed to a plan to trade rights of way and easements in exchange for the City’s 23 acres-as a way to kick off construction of the Palace Parkway extension; and
Whereas, I-30 Investors LLC support this proposal, and likewise desire to contribute necessary rights of way and easements-in exchange for the City assisting with tree removal, communications with USACOE and FEMA, and to incur no fees for deed acreage for Palace Parkway
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. the City Manager is herby authorized to negotiate and execute an agreement to effectuate this approval.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE FIRST DAY OF AUGUST, 2017.