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• <br />Seabreeze Position Paper <br />49 March 8, 1995 <br />Page 2 <br />u <br />4) Is the property we are buying a good business decision or are we buying someone's <br />problem? <br />The Seabreeze property is approximately 3.1 acres with 498 feet of bayfront. The <br />City had an environmental assessment study done on the property, and it was <br />declared environmentally clean. The property was appraised by a state certified real <br />estate appraiser for $795,000. The shoreline of the property is bulkheaded and a <br />2%foot fishing pier is permitted by the State of Texas at this location. A boat ramp <br />exists at the site along with a historical cemetery where some of the early families <br />of La Porte have come to rest. The negotiated purchase price is $675,000. The City <br />has already paid $105,000 down on the property with the balance to be owner <br />financed for a period of 6 years at a 4.5% interest rate. We believe the City has <br />made a good business decision on this transaction. <br />5) What development plans does the City have for this site? <br />• The City's plans for this bay -related park are preliminary at this time. However, we <br />envision that the future use of the property will be designed to meet the needs of the <br />La Porte community. A future appointed citizen review committee from all sections <br />of La Porte will help formulate the final setting and character of the park. In <br />addressing the development of the park, consideration will be given as to how best <br />to maximize the site. The following is a potential scenario of what may occur at the <br />site and when it might occur. <br />FIRST YEAR <br />The initial procedure would be to remove the existing buildings on site. The <br />structures consist of a two-story wood frame house that serves as rental <br />property, two (2) tin storage sheds, and various small outbuildings. <br />Additionally, it may be necessary to secure the property with additional <br />fencing or plantings to limit access to the site and to secure the cemetery. <br />Maintenance of the property would be limited primarily to mowing and <br />occasional pruning of existing plant material, and other normal upkeep and <br />maintenance activity as necessary to keep the property safe and secure. <br />0 <br />