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REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM <br />Agenda Date Requested: February 27, 2012 <br />Requested By: Traci Teach <br />Department: Administration <br />Report: X Resolution: Ordinance: <br />Exhibits: Power Point Presentation <br />Exhibits: <br />Exhibits: <br />Appropriation <br />Source of Funds: N/A <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />In November 2011, the City held a public bid for the property at 912 W. Main and the bids <br />received were substantially below the fair market value of the property. All bids were <br />subsequently rejected by the Economic Development Corporation and the Council in December <br />2011. <br />In order to obtain the most beneficial proposal for both the EDC and the City for this property <br />and the adjacent property at 908 W. Main, staff has been conducting a due diligence evaluation <br />and research on an alternative method to dispose of city owned property, pursuant to Chapter <br />272.001 of the Local Government Code. This proposal, which includes a simultaneous closing <br />between the City, Economic Development Corporation, and a prospective end user, would allow <br />the City to conduct a more traditional real estate transaction and identify and negotiate with <br />prospects that would bring the most benefit to the City in terms of sales price. <br />Staff will be briefing the City Council later this evening. No action is required at this point from <br />either Council or the EDC Board. This briefing is intended to be informational and allow both <br />Council and EDC an opportunity to ask questions. <br />Should EDC approve moving forward with the simultaneous closing method, staff will move <br />forward to develop the required contracts and documentation for formal consideration once an <br />end user is identified. <br />Action Required by Economic Development Board: <br />Provide direction to staff on whether to move forward with the simultaneous closing method for <br />the disposition of real property owned by the City. <br />Approved for Economic Development Corporation Agenda <br />Steve Gillett, Interim City Manager <br />Date <br />