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* t <br />CITY OF LA PORTE <br />INTER-OFFICE MEMORANDUM <br />APRIL 1, 1992 <br />T0: Mayor and City Council <br />FROM: Robert T. Herrera, City Manager .C~~-T" ~-- <br />SUBJECT: Joint Venture Project between Public Sector Agencies <br />The purchase of this property will complete our joint venture with HL&P and the <br />Texas Parks & Wildlife Department. <br />This joint venture project reflects an entrepreneurial spirit. It opened to the <br />City several areas of opportunity within the definition of Economic Development <br />and open space enhancement. <br />From this venture, the City gained the following through negotiations. <br />1. Park property (mini-bike park) built over an abandoned landfill as <br />designated by the Texas Parks and Wildlife Department will be <br />decommissioned as public park land. The land, which is <br />approximately 5 acres, remains with the City and is now located in <br />a prime industrial growth area. This action reduces the City's <br />liability in having land designated as park property over an <br />abandoned landfill. <br />2. The City has been paid $64,000 for navigating the decommissioning of <br />the property. By doing so, private commerce is now better able to <br />serve growth in that immediate area (640KVA Transmission Line) <br />• HL&P paid $35,000 - easement purchase <br />• HL&P paid $29,000 - partnership venture capital <br />3. The City has found and received permission from the Texas Parks and <br />Wildlife Department to purchase 1.993 acres of land that's equal or <br />greater in recreational value and purpose than the mini-bike park. <br />This land is adjacent to an existing well utilized park in Fairmont <br />Park. With this expansion the City may also address a parking <br />problem later in development of the Fairmont Complex. <br />4. The property to be purchased is being bought at a good price - .75 <br />sq.ft. or $65,099.58. Furthermore, the partnership will have <br />provided almost all of the costs associated with this joint venture. <br />I am extremely pleased with this joint venture as I believe it marks the success <br />City's may have when working together with common partners to solve a Bevel opment <br />problem. <br />RTH/ms <br />