AGENDA CAPTION:
Title
Consider approval of Resolution 2018-201R, approving a Real Estate sales contract with Life Style Development, L.L.C. for the sale of approximately 29 acres of city land commonly known as the "Leah Tract" near IH-35 and Cottonwood Parkway for a price of $3,114,317.15; authorizing the City Manager or his designee to execute all documents as necessary to complete the sale of said property on behalf of the City; and declaring an effective date.
Body
Meeting date: October 16, 2018
Department: CMO - Steve Parker, Assistant City Manager / CFO
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: On January 19, 2016 and March 21 2017, City Council discussed the real estate sales contract in Executive Session. On May 3, 2016, City Council approved Ordinance 2016-11, amending the Land Development Code Section 4.3.1.2 to add Senior Housing Community as a new land use under the Residential uses section of the Land Use Matrix; amending Section 6.2.1.2 to add Minimum Off-Street Parking Requirements for Senior Housing Communities; and amending Chapter 8, Article 2 to add a new definition for Senior Housing Community.
City Council Strategic Initiative:
N/A
Comprehensive Plan Element (s):
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Not Applicable
Master Plan:
Vision San Marcos - A River Runs Through Us
Background Information:
The City of San Marcos, Texas ("Seller") and Life Style Development, L.L.C. ("Buyer") entered into a Real Estate Sales Contract dated February 4, 2016 for the purchase of Lot 1-A and Lot 2, Cottonwood Parkway Addition Amended, together with an associated 52 foot wide road reserve. The Purchase Price under the Ori...
Click here for full text