Authorize Acquisition of a Fee Simple Interest in 0.581 Acres of Land for Right-of-Way and 0.096 Acres of Land for a Temporary Construction Easement Located at 8101 Old Denton Road from H.P.T., L.L.P., for the North Riverside Drive, North Tarrant Parkway to Old Denton Road, Project No. 02272 in the Amount of $235,110.00 and Pay Estimated Closing Costs in the Amount of $5,000.00 for a Total Cost of $240,110.00 (2014 BOND PROGRAM) (COUNCIL DISTRICT 4)

It is recommended that the City Council:

1.  Authorize the acquisition of a fee simple interest in 0.581 acres of land for right-of-way and 0.096 acres of land for a temporary construction easement located at 8101 Old Denton Road from H.P.T.,L.L.P., in the amount of $235,110.00 and pay the estimated closing costs up to $5,000.00;

2.  Find that the total purchase price is just compensation; and

3.  Authorize the City Manager or his designee to accept the conveyances and record the appropriate instruments.

The 2014 Bond Program provides funding for improvements to North Riverside Drive from a two-lane roadway to a four-lane divided arterial street from North Tarrant Parkway to Old Denton Road (Project No. 02272).  Improvements include the construction of two new travel lanes on the west side of the existing roadway.  The project has a total budget of $12,760,000.00 which includes costs for land acquisition, engineering design, utility relocation and construction.

The City has determined a need to acquire a fee simple interest for right-of-way and a temporary easement for construction on the land identified below.  An independent appraisal was obtained and upon City Council approval, Staff will proceed with acquiring the temporary and fee simple interest in the property (except for the mineral estate).  The deed to the City will contain a surface waiver for the exploration of the mineral estate.

The City will pay closing costs up to an amount of $5,000.00.  The real estate taxes will be pro-rated with the seller being responsible for taxes due up to the closing date.