Authorize Acquisition of Fee Simple Interest in Approximately 1.76 Acres of Land, More or Less, Being All of a Tract of Land in the Josiah Walker Survey, Abstract 1600, Tarrant County, Texas, from 122 S. MAIN GP, LLC, in the Amount of $920,400.00 and Pay Estimated Closing Costs Up to $10,000.00 for the Development and Construction of a New Fire Station in North Fort Worth (2018 BOND PROGRAM) (COUNCIL DISTRICT 7)

It is recommended that the City Council:

1.  Authorize acquisition of fee simple interest in approximately 1.76 acres of land, more or less, being all of a tract of land in the Josiah Walker Survey, Abstract 1600, Tarrant County, Texas, from 122 S. MAIN GP, LLC, in the amount of $920,400.00 and pay estimated closing costs up to $10,000.00 for the development and construction of a new fire station in North Fort Worth;

2.  Authorize the City Manager or his designee to negotiate and execute a contract of sale and purchase agreement with 122 S. MAIN GP, LLC, in the amount of $920,400.00; and

3.  Authorize the City Manager or his designee to execute, accept, and record the appropriate closing documents to complete the transaction.

On May 05, 2018,  Fort Worth voters authorized the sale of $11,975,820.00 in General Obligation public securities to finance the design, construction, purchase and/or improvement of land, as necessary, for two (2) fire stations.  The purpose of this Mayor and Council Communication is to seek City Council authorization to purchase land necessary to support the construction of a new fire station in North Fort Worth.

The Property Management Department, in collaboration with the Fire Department, has determined the site located at 8747 Harmon Road, Tarrant County, Texas 76117 will meet the Fire Department's operational objectives.  An appraisal of the property was prepared by an independent fee appraiser.  A negotiated agreement has been reached with the property owner, 122 S. MAIN GP, LLC.  This Mayor and Council Communication authorizes the purchase of a total of approximately 1.76 acres of land, more or less, in the amount of $920,400.00, plus the payment of estimated closing costs up to $10,000.00.  

Funds for this project are included in the 2018 Bond Program.  Available resources within the General Fund will be used to provide interim financing until debt is issued.  Once debt associated with the 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 (Ordinance No. 23209-05-2018).

This project is located in COUNCIL DISTRICT 7.