SUBJECT
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Motion to authorize the City Manager to enter into a developer agreement for property transfer and improvements with Murphy Oil USA, Inc. The City’s participation will include an estimated $50,000 in traffic improvement costs, which will be funded by the City of Laredo; and agreement is contingent upon Murphy Oil USA, Inc. acquiring fee simple title to the property and fulfilling all platting and permitting requirements as outlined. The property proposed for donation has an appraised value of $680,000. Funding will be available in General Fund-Engineering Traffic Department.
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VIVA LAREDO PLAN ALIGNMENT
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PREVIOUS COUNCIL ACTION
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BACKGROUND
The Real Estate division has received a proposal from a representative of Murphy Oil USA, Inc. to enter into a developer agreement that includes the donation of 1.31 acres located at 6516 McPherson. This parcel includes the property previously used as Little Harvard Academy daycare, which is zoned B-3, as well as a 50-foot wide right of way (ROW). The city commissioned an appraisal for the proposed donation, which was valued at $680,000 by Southwest Appraisal Group, LLC.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
recommendation
Approval of this motion.
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Fiscal Impact
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Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Funding will be available in General Fund-Engineering Traffic Safety Division.