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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA,ITEM <br /> <br />Agenda Date Requested: Deeemb~ <br />Requested By: IIII:k I!I..~ · <br />Department: PJa1l1li1l1 <br /> <br />Aoorooriation <br /> <br />Source of Funds: NI A <br /> <br />Aeeount Number: N/A <br /> <br />Report: X Resolution: <br /> <br />Ordinance: <br /> <br />Amount Budgeted: NI A <br /> <br />Amount Requested: N/A <br /> <br />Exhibits: <br /> <br />1. <br />2. <br />3. <br /> <br />~ort of Houston Authority Letter <br />E-mail <br />HeAD Information and Map <br /> <br />Budgeted Item: YES NO <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Previously, the Port of Houston instituted a value assurance program as a gesture to insure the property <br />values surrounding their proposed truck entry station on Barbour's Cut Blvd. The Port assures property <br />values within" roughly two blocks of the facility will not decrease or it will purchase the property. Once <br />signed up, the individual has up to five years to determine ifhe/she is negatively impacted and wishes to <br />sell. All interested property owners must sign up by the first week of February. <br /> <br />The City is trustee for seven parcels of land. Under the program, as trustee we can sign up to participate. <br />However, after February 3, it is non-transferable. Given the uniqueness that we hold as trustee and <br />likelihood of a future sale since we do not hold title, we would like the Port to allow us to transfer the <br />value assurance certificate to the eventual owner within five years, The Port said it would have to go <br />before the Port Commission and the Commission may not want to do this, <br /> <br />Staff is requesting some guidance on how much to push the issue, In addition, the City could sell the <br />property to the Port under the requirements set out in the program, but it would require the other entities <br />approval. <br /> <br />Action Required bv CouneD: <br /> <br />Provide staff with direction on Port of Houston Value Assurance Program. <br /> <br />Aooroved for City CouneD .A2enda <br /> <br /> <br />(~-3--Qj <br /> <br />Date <br />