HomeMy WebLinkAbout12-12-13-06 - Resolution - 12/12/2013 L
RESOLUTION NO. /,2 -12 -13 - DIP
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, APPROVING THE SALE OF REAL PROPERTY IN CONNECTION WITH
PROVIDING A GRANT TO THE RESEARCH VALLEY PARTNERSHIP, INC. FOR PM
REALTY GROUP 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 Council is desirous of encouraging economic development to remediate
run -down, underdeveloped commercially -zoned properties along University Drive, the and
the "Hospitality Corridor" to the City and gateway to Texas A &M University; and
WHEREAS, the City desires to convey an approximately 7.90 acre tract of land known as the
Chimney Hill 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 PM Realty Group, to be
redeveloped in accordance with the tri -party Economic Development Agreement among the
City and the named parties; and
L oy 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 funds, to include use of
municipal personnel and services so as 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, determining the fair market value of the Property as being
$7,030,000.00.
PART 2: That PM Realty Group 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 PM Realty Group for redevelopment in accordance with
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said Economic Development Agreement for a total of $7,500,000.00 paid in
cash.
PART 4: That the City Council authorizes economic development incentives to PM
Realty Group to include fast tracking of the development project and waiver of
the initial permitting application fees up to $3,227.50 to financially support
PM Realty Group's acquisition and redevelopment of the Property.
PART 4: That the City Council hereby establishes the above described grant of public
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 a4- day of , A.D. 2013.
ATTEST: APPROVED:
ity Secr ary Mayor
APPROVED:
(kW / • OF_ /
City • ttorney
(11W
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EXHIBIT "A"
411 Property Description
•
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