STRATEGIC PRIORITY: Core
AGENDA DATE: March 26, 2025
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Facilities and Real Estate Management
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
Authorize acquisition, assumption and/or renegotiation of existing leases and property management contract from Montfort Valley View Shopping Center, LLC, of approximately 79,916 square feet of commercially improved land located near the intersection of Montfort and James Temple Drives for the 13305 Montfort Drive Acquisition Project - Not to exceed $11,310,000.00 ($11,250,000.00 plus closing cost and title expenses not to exceed $60,000.00) - Financing: Park and Recreation Facilities (B) Fund ($9,480,672.00); Mall Area Redevelopment TIF District Fund ($1,829,328.00)
Body
BACKGROUND
This item on behalf of the Park and Recreation (Parks), authorizes the acquisition, assumption and/or renegotiation of existing leases and property management contract from Montfort Valley View Shopping Center, LLC of approximately 79,916 square feet of land located near the intersection of Montfort and James Temple Drives for the 13305 Montfort Drive Acquisition Project.
The subject property will be the second purchase of five parcels needed by the City in order to assemble the approximately twenty-acre central park known as International Commons, as envisioned in the City's Valley View-Galleria Area Plan (adopted by City Council in May 2013), PD 887-Valley View Galleria Special Purpose Zoning District (authorized by City Council in June 2013), and the Mall Area Redevelopment TIF District Project Plan and Reinvestment Zone Financing Plan (Authorized by City Council in June 2025). The first purchase of the International Commons project was the Prism Center in 2021 located at 5580 Peterson Lane. The consideration is based on independent appraisals.
The subject property is currently improved with a one-story multi-tenant retai...
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