The City of Fort Worth owns a city fee-owned interest in the triangular shaped surplus property located on the 2500 Block of Roberts Cut-Off Road in the City of River Oaks. The Property Management Department received notification from the City of River Oaks requesting to purchase the city-owned surplus property. A direct sale of this city-owned surplus property is allowed under Local Government Code Section 272.001 (b)(1) because of the subject parcel is irregular in shape (triangle) and cannot be developed independently. This parcel has been reviewed by all departments and deemed surplus.
The Fair Market Value (FMV) of the property was established by an independent appraiser in the amount of $17,787.00. As part of the real estate transaction, the buyer has agreed to purchase the property subject to any existing easements and encumbrances. As part of the process, the buyer has performed due diligence on the property including a title search and obtained a survey of the surplus property. The City will convey title to the buyer through a Deed Without Warranty and will retain all mineral interests owned in the property. The buyer has agreed to pay all related closing costs, including a $1,600.00 administrative and maintenance fee.
|Property Address ||Legal Description/Size of Parcel ||FMV Purchase Price ||CFW Fees||Total Purchase Price |
|2500 Block of Roberts Cut-Off Road|
A. Van Nordstrand Survey Abstract No. 1584
0.148 Acres(6,468 Sq. Ft.)
| || || || || |
This Property is Located in COUNCIL DISTRICT 7. This M&C does not request approval of a contract with a business entity.