Title
Consider approving Resolution No. 2025-207 authorizing the City Manager to negotiate and execute agreements for the sale of certain City-owned lots to the Farmers Branch Local Government Corporation, for resale to Stonewood Investments, Inc.; and take appropriate action.
Body
REQUESTOR:
City Council
BACKGROUND:
Stonewood Investments, Inc. ("Stonewood") has submitted a proposal to purchase certain City-owned real property located immediately southwest of the intersection of Valley View Lane and Denton Drive in Farmers Branch, Texas (the "Property"). Stonewood intends to develop the Property as a retail and commercial project (the "Project") with a proposed purchase price of three million dollars ($3,000,000.00).
DISCUSSION:
Proposed Resolution No. 2025-207 authorizes the City Manager to negotiate, execute, and deliver all agreements and related documents as may be reasonable and necessary to facilitate the sale of the Property to the Farmers Branch Local Government Corporation ("LGC"), for the purpose of resale to Stonewood Investments, Inc. The total transaction value is three million dollars ($3,000,000.00), subject to final review and approval by the City Council.
The proposed structure allows the City to convey the Property to the LGC, which will subsequently transfer the Property to Stonewood for private development. This structure provides flexibility in completing the transaction while ensuring compliance with applicable legal and financial requirements.
The City's authority to convey the Property in this manner is derived from Texas Local Government Code ? 272.001, which authorizes a municipality to sell or otherwise convey real property to further public purposes, including economic development and revitalization, without the requirement of public auction or competitive bidding when the conveyance is made to a legally recognized local government corporation or other qualifying entity.
Accordingly, the proposed resolution authorizes the City ...
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