03-15-1995 Steering Committee Meeting

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IT11 ATs In 1989, the Visions '89 Committee identified the need for the City to obtain Bayfront property to insure future generations of La Porte residents will have access to Galveston Bay. In 1994, the City took a major step in accomplishing this goal by entering into an option purchase agreement for land on Galveston Bay. The City negotiated price for the property is $675,000, which is $120,000 less than the fair market value as appraised by a state certified appraiser. The agreement included an option payment of $105,000 with the owner financing the remaining amount over a six year period at 4.5 %. This agreement was finalized by ordinance 9471994 in August 1994. In January 1995, the City Council was presented with a petition from a group of •citizens. We believe the petition they circulated was misleading, because it strongly implied and inferred that the acquisition of this property for La Porte residents as a family park "is not for the public good," that the City "does not need and cannot provide for the operation of the additional beach front park land," and that the property "will represent a further economic burden to the City and may well result in a tax increase." 0 This property acquisition: WILL NOT necessitate a tax increase - �� monies have been set aside to purchase the land as a part of the normal i' budgeting process. MINIMUM t►s ofThis ' urchase Establishes City -owned park property on the Bayfront which can be used for water -related activities for present and future generations. Fulfills the goals of the City's Comprehensive Plan and the Visions '89 Goals Report. Allows the City of La Porte to make decisions regarding the recreational future for Bayfront park property located in the City. Relieves the overcrowding that occurs at Sylvan Beach Park by providing a reserved site for La Porte citizens. Provides a family park atmosphere to enjoy one of the City's greatest assets - Galveston Bay. WILL NOT impact the City's financial condition nor will it represent a further economic burden to the City or to the taxpayers. WILL NOT alter the City's Bond or Credit Rating. IS a sound and sensible business decision and investment in La Porte's future. PROVIDES a park on the Bayfront which is owned by the City of La Porte, not Harris County. I>r�ityial Pl,a>r�s for DeVelopr�ne�at Year 1 - remove existing buildings and secure the property; begin normal park maintenance activities. Year 2 - establish a Citizen Review Committee to develop Park Master Plan.