Title
Consider approving Resolution No. 2022-155 approving the assignment of 3940 Spring Valley Road from TCCI Land Company, LLC to COG Dallas Homes III, LLC; and take appropriate action.
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BACKGROUND:
The former Fire Station Number 2, located at 3940 Spring Valley Road, was listed for sale in 2021. After several months on MLS and multiple offers, TCCI Land Company, LLC was chosen by the Council to purchase the site and build 19 townhomes. The city and TCCI Land Company have been under contract during the development process. The site was zoned light industrial and needed rezoning, site plan approval and plat approval. During the past year, TCCI submitted plans and received approvals by the Planning and Zoning Commission and City Council for rezoning and site plan. Rezoning was approved by the Planning and Zoning Commission on April 25, 2022 and City Council on May 3, 2022. The detailed site plan was approved by the Planning and Zoning Commission on September 26, 2022 and the City Council on October 11, 2022. Currently, TCCI is finalizing necessary sewer easements to complete the plat process.
DISCUSSION:
The City has been under contract with TCCI Land Company, LLC to purchase the site and construct 19 townhomes on the former fire station property, 3940 Spring Valley Road.
TCCI Land Company, LLC needs to assign the contract to Coast Oak Group, COG Dallas Homes III, LLC, for the vertical construction. Assignment is allowed in the purchase and sale contract with approval by City Council. The site has approval for 19 townhomes with a new planned development district (PD-106). The Coast Oak Group entity, COG Dallas Homes III, LLC, will be required to demolish the former fire station building and construct 19 townhomes. The economic development team and City management have met with the Coast Oak Group and recommend approving the assignment under the same terms. There will be no changes to the townhome development or contract deliverables. Assignmen...
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