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...
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