From
max
Title
Ordinance amending the FY 2014/2015 Capital Improvement Projects Budget; Purchase of 23.3216 acres of surplus right of way located on the north side of IH 30 and east of Belt Line Road from TxDOT for $251,651 (companion item with Item No. 15-4581)
Presenter
Bill Crolley, Executive Director of Planning, Development, Engineering and Transportation
Recommended Action
Approve
Analysis
In a letter dated March 30, 2015, the Texas Department of Transportation has offered to sell 23.3216 acres to the City for the appraised value of $230,000 plus appraisal and surveying fees of $21,650.76, totaling $251,650.76. In order to accept this offer, the City must pass a resolution agreeing to pay the offer amount plus fees. The offer amount is in line with previous appraisals prepared for the City.
This property formerly served as the entrance/exit ramp for the IH 30/ Belt Line Road interchange when IH 30 was the Dallas-Fort Worth Turnpike. The interchange was re-designed later and the subject property is now vacant except for some remnants of the old turnpike.
The property is located at the gateway to the entertainment district and on the east side of the proposed Palace Parkway Extension. Acquisition of this tract will allow the City to better facilitate assembly and a more master planned approach to the development of the Beltline Road and I-30 intersection. This property would aid in the future development of appropriate commercial activities for the entertainment district.
The City has been in discussions with TxDOT at various times throughout the years since 2004 about acquiring this property. TxDOT finally determined this tract was surplus to their current and future needs. The property is offered to the City first in order of priority rights to purchase this property. If the City does not purchase, it will be offered to the general public.
Passage of a resolution is required by TxDOT to make an official and binding acceptance by the C...
Click here for full text