R-1995-06 - Laserfiche WebLink

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e . RESOLUTION NO. 95-06 A RESOLUTION 01' THE CITY COUNCIL OF THE CITY 01' LA PORTE ESTABLISHING THE POLICY 01' THE CITY 01' LA PORTE TO INSURE BAY ACCESS FOR CITIZENS 01' LA PORTE, THROUGH THE PURCHASE OF THE SEABREEZE PROPERTY ON GALVESTON BAY; pINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFpECTIVE DATE HEREOF. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 01' LA PORTE: Section 1. Backqround. In 1989, the Visions '89 Committee identified the need for the City to obtain Bayfront property to insure future generations of La Porte residents will have access to Galveston Bay. In 1994, the City took a major step in accomplishing this goal by entering into an option purchase agreement for land on Galveston Bay. The City negotiated price for the property is $675,000, which is $120,000 less than the fair market value as appraised by a state certified appraiser. The agreement included an option payment of $105,000 with the owner financing the remaining amount over a six year period at 4.5%. This agreement was finalized by ordinance 94-1994 in August, 1994. section 2. Benefits of this Purchase. 1. Establishes City owned park property on the Bayfront which can be used for water related activities for present and future generations. 2. Fulfills the goals of the City's Comprehensive Plan and the Visions '89 Goals Report. 3. Allows the City of La Porte to make decisions regarding the recreational future for Bayfront park property located in the City. 4. Relieves the overcrowding that occurs at Sylvan Beach Park by providing a reserved site for La Porte citizens. 5. Provides a family park atmosphere to enjoy one of the City'S greatest assets - Galveston Bay. section 3. This Prooertv Acquisition: 1. Will not necessitate a tax increase. Monies have been set aside to purchase the land as a part of the normal budgeting process.