STRATEGIC PRIORITY: Core
AGENDA DATE: April 23, 2025
COUNCIL DISTRICT(S): 2
DEPARTMENT: Department of Facilities and Real Estate Management
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
A resolution (1) declaring approximately 217,911 square feet of improved land unwanted and unneeded, located near the intersection of North Stemmons Freeway and West Mockingbird Lane, and authorizing its advertisement for sale by public auction or through a real estate brokerage service with a two-tier sale process where the property is offered for sale as-is with improvements and as land only; (2) establishing a reserve for the auctioned surplus property; (3) authorizing a Purchase and Sale Agreement to be prepared for the surplus property receiving highest qualified bid that meets or exceeds the reserve or highest cash offer; and (4) authorizing the conveyance of a deed in a form acceptable to City Attorney - Estimated Revenue: TBD - Real Estate Market to determine the value
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BACKGROUND
This item declares approximately 217,911 square feet of improved land unwanted and unneeded located near the intersection of North Stemmons Freeway and West Mockingbird Lane and authorizes its advertisement for sale by public auction.
Texas Local Government Code Section 253.008 authorized municipalities to sell real property owned by the municipality at an advertised public auction. Section 253.014 authorized municipalities to sell real property owned by the municipality through a real estate brokerage service through a multiple listing service. Section 272.001 states fair market value may be determined by the highest bid price or cash offer obtained by a municipality at an advertised auction or through a real estate broker.
This property will be advertised for sale by public auction or a real estate broker through a multiple listing services, at the City Manager’s election, with a reservation of all oil, gas and other minerals in and under the property and a restriction prohibiting the placement of industrialized housing.
The City will conduct a two-tier sale process, with the first tier being the property be offered for sale in its current condition with all existing improvements, and the second tier being the property be offered for sale as land only with the existing improvements to be razed and removed by City prior to conveyance.
The City will select the most advantageous bid or cash offer from the two-tier sale process.
A reserve amount will be established on the auctioned surplus property. Reserve amounts are not public but are the minimum price the City will accept for the property, and the minimum bid for which the auction firm will declare a property sold.
This property will return to the tax rolls upon conveyance.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
This item has no prior action.
FISCAL INFORMATION
Estimated Revenue: TBD - Real Estate Market to determine the value
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