Authorize Sale of City Fee Owned Surplus Property Located Adjacent to 400 and 404 South Sylvania Avenue and 2529 Lawnwood Street to Fourth & Sylvania, Inc., for a Total Sales Price of $9,110.00, in Accordance with Section 272.001(b)(1) of the Texas Local Government Code (COUNCIL DISTRICT 8)

It is recommended that the City Council:

1.  Authorize the sale of City-owned surplus property located adjacent to 400 and 404 South Sylvania and 2529 Lawnwood Street to Fourth & Sylvania, Inc., for a total sales price of $9,110.00, in accordance with Section 272.001(b)(1) of the Texas Local Government Code; and

2.  Authorize the City Manager or his designee to execute the sales contract and record the appropriate instrument conveying the property to complete the sale.

The City of Fort Worth owns a fee-simple interest in three narrow strips of deemed surplus property, in the aggregate containing 1,920 square feet of land, located adjacent to 400 and 404 South Sylvania Avenue and on 2529 Lawnwood Street.  A request has been made by the adjacent landowner, Fourth & Sylvania, Inc., to purchase the narrow strips of land to help support the redevelopment of their property.  The Texas Local Government Code Section 272.001(b)(1) allows the City to sell narrow strips of land that because of their shape and small area cannot be developed independent of the adjoining property.  Fourth & Sylvania, Inc., intends to include the surplus property in their plat of the adjacent properties.

The fair market value was determined based on an appraisal of the properties.  The buyer has performed their due diligence of the property and as part of the real estate transaction, agrees to purchase the property subject to any easements and encumbrances. The City will convey title to the buyer and will retain all mineral interests owned, if any.  The buyer has agreed to pay all costs related to closing this transaction including City administrative fees.    

This property is located in COUNCIL DISTRICT 8.