1992-04-13 Regular Meeting - Laserfiche WebLink

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!~ ~% c r .., ., .- - January 24, 1992 •~ City of La Porte Established 1892 Mr. Eddie V. Gray, Managing Partner Fairmont Park Joint Venture 707 Memorial Drive Baytown, TX 77520 Dear Mr. Gray: This letter will confirm our recent conversations, concerning the City of La Porte's interest in acquiring 1.993 acres of land owned by Fairmont Park Joint Venture, located west of the Fairmont Park swimming pool recently acquired by the City of La Porte, and extending from the swimming pool area westward to the bayou. The City of La Porte is in negotiations with the Texas Department of Parks & Wildlife, for the de-commissioning of the former City of La Porte mini-bike park on North Broadway. To accomplish the de-commissioning of the mini- bike park, the City of La Porte must substitute land of like recreation value. Subject to approval of the park land substitution by the Texas Department of Parks & Wildlife, the City of la Porte proposes to purchase the 1.993 acre tract in Fairmont Park, on a bargain sale basis, with the City paying a cash consideration of $0.75 per square foot, with Fairmont Park Joint Venture then taking an income tax deduction for a charitable contribution to the City of La Porte, for the difference between the price of $0.75 and your appraised value of the 1.993 acre tract. Of course, valuation of the tract for your income tax deduction purposes would be a matter between you, as seller-donor, and the Internal Revenue Service. The City of La Porte would agree to sign and deliver appropriate receipts and acknowledgments of the transaction for your tax purposes. The City of La Porte would require a stake survey showing square footage; general warranty deed; and owner's title policy to be provided by seller at closing. ['.C~. fi~~x 11 l ~ • La I'~~rrc, Trxa~ i ~ ~i_'-t I l ~ (71 31 4i 1-~~~~h