TOWN STAFF REPORT RECCOMENDATIONS
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Discuss and Consider the sale of Town owned property within Entrada, specifically 0.646 acres 34 Cortez, Westlake Entrada - Cortez Block L Lot 6, through public auction by sealed bid as required by Local Government Code 253 and notice such auction as required in Local Government Code 272 and take appropriate action. (Sean Kilbride, Mayor)
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STAFF: Sean Kilbride, Mayor
BACKGROUND:
The Town of Westlake received the above-described land through an economic development agreement for Entrada. The site was originally obtained to construct a permanent site for Westlake Town Hall. The property is within the Entrada PD and PID with an annual PID assessment of approx. $16,506 until the remaining total of $175,541 is paid. The property may be sold by the Town through a public auction that must meet notification requirements as outlined in Local Government Codes 253 and 272. Bids are required to be sealed, noticed in the paper once a week for two weeks and the sale of the property may not be made until after the 14th day after the date of the second publication.
DISCUSSION:
On February 21, 2024 the Town received an appraisal for the said property by Integra Realty Resources in Ft. Worth. The property appraised for $900,000. If Council votes to begin the process to sell the property, the starting bid will be the "fair market value" as determined by the appraisal as required by law.
Although this location is centrally located and easily accessible for citizens, the current building standards in Entrada make building a Town Hall within Entrada much more expensive than building it in a different location. If the site is sold a new location for a future Town Hall should be sought.
FISCAL IMPACT:
The appraisal of the property was completed for $2,600. The notifications will cost approximately $5,000 and there will be a fee from the title company for the sale depending on the title company used.
STAFF RECOMMENDATION:...
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