It is recommended that the City Council:

1.  Authorize the acquisition of a permanent pedestrian access easement in 0.063 acres and a temporary construction easement in 0.013 acres from Fort Worth City Credit Union, in the amount of $138,600.00 and pay estimated closing costs in the amount Up to $3,000.00;

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 permanent pedestrian access easement and temporary construction easement interests are needed for construction of the Montgomery Street Paving Improvements from IH-30 to Camp Bowie Project.  This project will include reconstructed travel lanes, intersection improvements, storm drainage improvements, sidewalks, shared use path, traffic signals and street light improvements.

An independent appraisal established fair market value and the property owner has agreed to the appraised amount of $138,600.00 for the needed interest in the parcel of land.  The real estate taxes will be pro-rated with the seller being responsible for taxes due up to the closing date.  The City will pay closing costs in an amount up to $3,000.00.  Upon City Council approval, Staff will proceed with acquiring the permanent pedestrian access easement and temporary construction easement interest in the property.

This acquisition will be funded through the 2014 Bond Program.  Available resources within the General Fund will be used to provide interim financing for these expenditures until debt is issued.  Once debt associated with this project is sold, bond proceeds will reimburse the General Fund in accordance with the statement expressing official Intent to Reimburse that was adopted as part of the ordinance canvassing the bond election and the subsequent bond ordinances authorizing issuance.

This property is located in COUNCIL DISTRICT 7, Mapsco 363 2B.

This M&C does not request approval of a contract with a business entity.