HomeMy WebLinkAbout(0015) M&C 19-0081City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 08/27/19 M&C FILE NUMBER: M&C 19-0081
LOG NAME: 21 PMD 8700 HARMON ROAD PARCEL 21
SUBJECT
Authorize Acquisition of a Fee Simple Interest in Approximately 0.75 Acres of Land, Located at 8700 Harmon Road in the William
McCowens Survey, Abstract No. 999, Tarrant County, Fort Worth, Texas, from Property Owned by Harmon 38 Investments, L.P., a Texas Limited
Partnership, for the Harmon Road Improvement Project for a Total Purchase Price of $442,489.00 and Pay Estimated Closing Costs in the
Amount Up to $10,000.00, for a Total Cost of $452,489.00 (2018 Bond Program) (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council:
1.Authorize acquisition of a fee simple interest in approximately 0.75 acres of land, located at 8700 Harmon Road in the William
McCowens Survey, Abstract No. 999, Tarrant County, Fort Worth, Texas, from property owned by Harmon 38 Investments, L.P. a Texas limited
Partnership;
2. Find that the total purchase price of $442,489.00 for the fee simple interest is just compensation and pay total estimated closing costs in the
amount up to $10,000.00; and
3. Authorize the City Manager or his designee to accept the conveyance and record the appropriate instrument.
DISCUSSION:
The land right in the subject property is needed for street reconstruction, storm drain improvements, and roundabout intersection improvements for
the Harmon Road Improvement Project (CPN 100459) from Heritage Trace Parkway to Bonds Ranch Road/Golden Triangle Boulevard. An
independent appraisal was obtained to establish the fair market value of the property. The land owner has agreed to $442,489.00 as total
compensation for the fee simple interest.
The City will pay estimated closing costs in the amount up to $10,000.00. Upon City Council approval, staff will proceed with acquiring the fee
simple interest in the property.
A portion of this project will include 2018 Bond funds. Available resources within the General Fund will be used to provide interim financing until
debt is issued. Once debt associated with the project is sold, bond proceeds will reimburse the General Fund in accordance with the statement
expressing official Intent to Reimburse that was adopted as part of the ordinance canvassing the bond election (Ordinance No. 23209-05-2018).
t
Address/Legal
Description
Type ofOwner
Property/Acreage
Amount
Harmon 38
8700 Harmon Road /
Fee Simple / 0.75
21_
ROWE
Investments,
William
McCowens SURVEY,
Acres
$442,489.00
L.P.
ABSTRACT NO. 999
Estimated Closing
Cost
$10,000.00
❑�
Total Cost
�,489.00
This property is located in COUNCIL DISTRICT 7.
A Form 1295 is not required for this contract because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations, funds are available, as appropriated in the W&S Commercial
Paper Fund, the Developer Contribution Fund and the 2018 Bond Program Fund. Prior to an expense being incurred, the participating department
has the responsibility to validate the availability of funds.
Submitted for City Manager's Office b� Kevin Gunn 2015
Originating Business Unit Head: Roger Venables 6334
Additional Information Contact: Ricky Salazar 8053