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<br />e <br />City of La Porte <br />Interoffice Memorandum <br /> <br />oo~v <br /> <br />To: Robert T. Herrera, City Manager <br /> <br /> <br />From: ~litchfield, Director of Finance/ACM <br /> <br /> <br />Date: D November 4, 1997 <br /> <br /> <br />Subject: Street Closing Value for Can iff Road <br /> <br />Street Closing application SAC 97-10 is to close a portion of Caniff Road. <br /> <br />Using the HCAD method of calculating the closing fee, the average cost per square <br />foot is 26.98 cents. . On first ~Iush, this amount is lower than what we normally see. <br />However, when looking at the location, I can understand the logic behind the value. <br />The property is located in an undeveloped area 1,700 feet from Underwood Road and <br />900 feet from Fairmont Parkway. With this information in mind, I do not have a problem <br />agreeing to close the property for 26.98 cents per square foot, which is equivalent to <br />$11,750 per acre. <br /> <br />Using this figure, the total amount due the City for closing 70,241 feet of Caniff Road is <br />$18,954.53. <br />