HomeMy WebLinkAbout02-14-13-01 - Resolution - 02/14/2013 ID
RESOLUTION NO. 02 - OI
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, PROVIDING A GRANT TO THE RESEARCH VALLEY PARTNERSHIP, INC.
FOR ASSET PLUS REALTY CORPORATION FOR ECONOMIC DEVELOPMENT.
WHEREAS, the City Council of the City of College Station, has developed an economic
incentive program for the express purpose of attracting new business and expansion of
business and industry to the community; and
WHEREAS, the City desires to convey an approximately 3.36 acre tract of land known as
First Street Property as described on Exhibit "A" attached hereto (the "Property") to The
Research Valley Partnership, Inc., an independent foundation under TEXAS LOCAL
GOVERNMENT CODE, Section 272.001, to be conveyed to Asset Plus Realty Corporation, to
be redeveloped in accordance with an Economic Development Agreement among the three
parties; and
WHEREAS, the City of College Station is required by TEXAS LOCAL GOVERNMENT CODE,
Section 272.001, to sell land for its fair market value; and
WHEREAS, the City Council of the City of College Station, is authorized by TEXAS LOCAL
• GOVERNMENT CODE, Chapter 380, to provide for grants of public money to promote local
economic development and to stimulate business in the City of College Station; and
WHEREAS, the City Council of the City of College Station, is actively seeking economic
development prospects, capital investment, and new jobs in College Station; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: That the City of College Station has obtained an appraisal from an independent
certified appraiser that has determined the fair market value of the Property as
being $3,555,000.00.
PART 2: That Asset Plus Realty Corporation is a qualified economic development
prospect that is contracting with The Research Valley Partnership, Inc., an
independent foundation under TEXAS LOCAL GOVERNMENT CODE, Section
272.001, and the City of College Station to redevelop the Property in
accordance with an Economic Development Agreement among the three
parties.
PART 3: That the City Council hereby authorizes The Research Valley Partnership, Inc.
to sell the Property to Asset Plus Realty Corporation for a total of
$3,555,000.00 consisting of:
A. $2,975,000.00 paid in cash; and
• B. an economic development incentive in the amount of $580,000.00 to
support financially Asset Plus Realty Corporation's acquisition of the
Property.
PART 4: That the City Council hereby establishes the above described grant of funds to
promote local economic development and to stimulate business in the City of
College Station.
PART 5: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 10- day of -.6 , A.D. 2013.
ATTEST: APPROVED:
, cWtivvr-t-e_
ity Secre Try Mayor
APPROVED:
Gtr. /9 �� / ` v
• ity Attorney
•
EXHIBIT "A"
• Property Description
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•