STRATEGIC PRIORITY: Mobility Solutions, Infrastructure, and Sustainability
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Sustainable Development and Construction
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
title
Authorize acquisition from Shing Mao and wife Chung-Fong Mao, Yun-Seng Chou, May Liu Chen and Ying Chen Ho, Trustees, of approximately 141,339 square feet of land located near the intersection of Kit Lane and Coit Road for the District 11 New Park at Kit Lane Project - Not to exceed $1,500,000.00 ($1,480,000.00, plus closing cost and title expenses not to exceed $20,000.00) - Financing: Park and Recreation Facilities (B) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
This item authorizes the acquisition from Shing Mao and wife Chung-Fong Mao, Yun-Seng Chou, May Liu Chen and Ying Chen Ho, Trustees, of approximately 141,339 square feet of land located near the intersection of Kit Lane and Coit Road for the District 11 New Park at Kit Lane Project. This property will be used for the future construction and use as a new park site. The consideration is based on independent appraisals. No relocation costs are associated.
The estimated loss of annual tax revenue to the City is $2,963.00; the projected annual operating and maintenance amount is $4,518.00.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On January 9, 2020, the Park and Recreation Board authorized the acquisition from Shing Mao et al.
FISCAL INFORMATION
|
Fund |
FY 2020 |
FY 2021 |
Future Years |
|
Park and Recreation Facilities (B) Fund (2017 General Obligation Bond Fund) |
$1,500,000.00 |
$0.00 |
$0.00 |
OWNERS
Shing Mao, Trustee
Chung-Fong Mao, Trustee
Yun-Seng Chou, Trustee
May Liu Chen, Trustee
Ying Chen Ho, Trustee
MAP
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