HomeMy WebLinkAbout031520 RES - 08/28/2018 Resolution determining the fair market value of industrial property and authorizing
execution of a real estate sales contract with Flint Hills Resources Corpus Christi,
LLC for $127,513.75 plus estimated closing costs of $2,500 for Nueces Bay
Boulevard elevated tank site
Whereas, in accordance with the TCEQ-approved plan to increase the City's water
storage requirements, City identified property on Nueces Bay Boulevard belonging to Flint
Hills as a suitable site for a new elevated water storage tank;
Whereas, an appraisal report is unavailable for the property because comparable and
current land sales information is not available for this industrial area;
Whereas, after negotiations, a final fair market value of$2.54 per square foot for industrial
property owned by Flint Hills Resources Corpus Christi, LLC ("Flint Hills") was agreed
upon by both parties.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. All of the Recitals are hereby found to be true and correct legislative
and factual findings of the City of Corpus Christi Texas, and they are hereby approved
and the Recitals are incorporated for all purposes as if they were fully recited herein.
SECTION 2. The fair market value of Flint Hills unimproved real property is found
to be at least $2.54 per square foot.
SECTION 3. The City Manager or designee is authorized to execute the real estate
sales contract with Flint Hills for $127,513.75 and pay estimated closing costs of $2,500
for acquisition of Lots 6 through 10, Block 1 , Sunset Place Addition, for the purpose of
acquiring fee simple surface rights to a 1.15-acre tract of land for the Nueces Bay
Boulevard elevated tank site.
ATTEST: THE CITY OF CORPUS CHRISTI
[-(11-04&
R ecca Huerta Jop cComb
City Secretary Moor
031520
INDEXED
Corpus Christi, Texas
E5 of ,t %4113) , 2018
The above resolution was passed by the following vote:
Joe McComb
Rudy Garza ///jjj(,_
Paulette Guajardo L(,(
Michael Hunter
Debbie Lindsey-Opel
Ben Molina ///u(�lX
Everett Roy
Lucy Rubio n�
Greg Smith ( f
1131520
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: Legistar Number: 18-0956
August 28, 2018
Agenda Item:
1 Soles
Mahon-to authorize execution of a real estate sales contract with Flint Hills Resources Corpus Christi,
LLC in the amount of$127,513.75 plus $2,500 in estimated closing costs for acquisition of Lots 6 through
10, Block 1, Sunset Place Addition, for the purpose of acquiring fee simple surface rights to a 1.15-acre
tract of land for the Nueces Bay Boulevard elevated tank site.
Amount Required: (Amount to be Certified) $130,013.75
Fund Name Accounting Unit Account No. Activity No. Amount
Water 2013 Rev Bo 4093-041 550005 E16290-01-4093-EXP $130,013.75
Total $130,013.75
❑ Certification Not Required /•
Director of Financial Services
Date: AUG 2 8 2018