1995-06-26 Regular Meeting - Laserfiche WebLink

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REST FOR CITY COUNCIL AGENDA A AGENDA DATE June 26, 1995 REQUESTED BY Jeff Litchfield, Finance Director _ REPORT; _ RESOLUTION; XX ORDINANCE; OTHER - Attachment: Letter from Doug Latimer On May 8th, 1995, the City Council approved a Street closing for West Adams Street between blocks 679 and 690 for the adjacent property owner, Doug Latimer. After receiving information on the closing, Mr. Latimer has asked that we reconsider the value we placed on the closing because of information he has regarding two arms length sales of adjacent property that occurred in October and November of 1993. The policy of establishing a value on closings involves taking the average Harris County Appraisal District value per square foot and multiplying it by a factor of 1.75, and multiplying by the number of feet in the property being closed. If an applicant disagrees with this value, they can ask for an appraisal. Using the HCAD approach, the value per square foot was .4849, which was multiplied by 1.75 to arrive at a closing value of .8485 per square foot. The sales information provided by Mr. Latimer on the two property transactions, which are adjacent to the property being closed, are recent enough to establish current market value of property in the area. As such, I believe their closing price to more closely reflect market value and are acceptable in lieu of an appraisal. Mr. Latimer purchased block 679 for $55,500 and block 680 for $67,500. The square footage of each block was 106,400. The average price per square foot was $.5780 ((55,500 + 67,500) / 212,800). The recalculated value of the property closing is $.5780 per square foot multiplied by 21,280 square feet, or $12,299.84. Even though this amount is less than the original amount of $18,057.67, it is fair to both parties to reduce the cost for closing to $12,299.84. ACTION REQUIRED BY COUNCIL: Approve ordinance, which repeals ordinance 95-2032, and establishes an amount of $12,299.84 for the closing of West Adams Street between blocks 679 and 690. FUND N/A ACCT NUM: N/A FUNDS AVAILABLE: N/A APPROVED R CITY COUNCIL AGENDA 6 � RO T HERRERA, CITY MANAGER DATE