From
Dwayne Tyner
Title
Right-of-Way Acquisition - West Tarrant Road at Arbor Creek in the amount of $76,948.44 in addition to title insurance expenses and closing costs
Presenter
Romin Khavari, City Engineer
Recommended Action
Approve
Analysis
This parcel was approved for acquisition by negotiation or condemnation on the December 12, 2017, City Council agenda. The owner has subsequently agreed to sell a slope easement containing 0.0316 acre (or 1,375 s.f) and a drainage easement containing 0.4303 acre (or 18,744 s.f.) of one acre of land for $76,948.44. (See attached Exhibit “A” for property descriptions.) This amount is reasonable considering appraised value, time and court costs. The City will pay all title insurance expenses and closing costs.
Financial Consideration
Funds in the not to exceed amount of $81,000 are available in Storm Drainage Capital Projects Fund (401592) WO #01204501-03 (Arbor Creek at Tarrant Rd STRM) 68610 (ROW/Easements/Appraisal/Land).