O-2006-2890 - Laserfiche WebLink

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REQUEST FOR CITY COUNCIL AGENDA ITEM Appropriation Agenda Date Requested: Junij:e 12th 2006 Requested By: Wayne J. J I Department: Plannin2. Source of Funds: N/A Account Number: N/A Amount Budgeted: N/A Report: _Resolution: _Ordinance: l Amount Requested: Exhibits: 1. Ordinance 2. Area Map Budgeted Item: _YES ...x...NO SUMMARY & RECOMMENDATION The City has received an application from Belle Exploration, Inc. to vacate, abandon and close the West "N" Street Right-Of-Way between Blocks 1175 & 1176 and Blocks 1177 & 1178, Town of La Porte. The applicant seeks closure of this Right-Of-Way to facilitate future development. In reviewing the application, the Public Works Department has indicated that no existing City utilities are located within the subject Right-Of-Way. Additionally, each of the City's franchised utility companies (i.e. Center Point Energy, SBC & Time Warner Communication) have received notification of the closing and each has submitted letters of no objection. In accordance with Section 62.35 of the Code of Ordinances, Staffhas arranged for an independent appraisal to be conducted of the Right-Of-Way in question. As a result, the fair market value of the subject property has been assessed at $1.75 per square foot. The City has received compensation in the amount of $62,160.00 (75% of Fair Market Value as per the ordinance) from the applicant for the closing, which contains a total of 47,360 square feet. Closure of this Right- Of-Way unifies the subject property as a single economic unit under one partnership. Recommendation: Staff recommends that City Council authorize vacating, abandoning, and closing the West "N" Street Right-Of-Way between Blocks 1175 & 1176 and Blocks 1177 & 1178, Town of La Porte. Action Reauired of Council: Consider approval of ordinance to vacate, abandon, and close the West "N" Street Right-Of-Way between Blocks 1175 & 1176 and Blocks 1177 & 1178, Town of La Porte. o - if - iJ to Date