COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Lynette Singleton, Procurement Official
SUBJECT:Title
Approve and Authorize the City Manager to Execute Escrow Documents for the Sale of City Owned Tract 2302, Block 8, Parcel “L” located on Pinion Tree Drive
Body
FUNDING SOURCE:
N/A
PURPOSE:
Approve and execute escrow documents for the sale of the City owned Track 2302, Block 8, Parcel “L” located on Pinion Tree Drive.
BACKGROUND:
In December of 2015, Todd Hayes submitted a request to purchase a City owned property. The subject property is located adjacent to Mr. Hayes residence at 1831 Pinion Tree Drive in Tract 2302, Block 8, Parcel “L”. The parcel is a 20-foot by 109-foot strip of land, which serves as a PUE and DE. Once staff reviewed the request and deemed the property appropriate for sale, an appraisal was completed. The value of the property is $3,000. The appraisal summary is provided as Attachment #9. Mr. Hayes plans to tie parcel “L” to his existing property and build an RV garage at this location.
On June 9, 2016 Pinion Tree Drive Residential Real Estate Sale Re-Bid was held with only one bid received by Todd and Kristen Hayes for $5,000.00. The escrow documents to complete the sale include indemnification of the Escrow Agent which requires the City Council’s authorization for the City Manager to execute the documents.
COMMUNITY IMPACT:
Additional residential property on the tax roll will encourage additional residential development increasing assessed valuation of the property.
FISCAL IMPACT:
Revenues generated in the amount of $5,000.00 from the sale of public property shall be designated for General Fund purposes, Capital Improvement Projects (CIP) or purchase of property for municipal purposes.
ATTACHMENTS:
Section G-Real Estate Purchase Contract
Amendment to Escrow Instructions and/or Purchase Contract
Pioneer Title Agency Terms and Conditions of Escrow
Exhibit A - Legal Description
Sellers Information and Authorization Form
Estimated Settlement Statement
Warranty Deed
Affidavit of Property Value
Appraisal Summary
SUGGESTED MOTION:Recommended Action
I move to approve and authorize the City Manager to execute escrow documents for the sale of City owned Tract 2302, Block 8, Parcel “L” located on Pinion Tree Drive on behalf of the City to John Hayes and Kristen L. Hayes, Co-Trustees of the John & Kristen Hayes Revocable Trust, dated February 13, 2014 and authorizing the execution of the Deed, as per title requirement.