Item Coversheet

City of Georgetown, Texas
City Council Regular Meeting
April 26, 2022

SUBJECT:
Consideration and possible action to approve a purchase and sale agreement for the exchange of real property in the Downtown Georgetown Tax Increment Reinvestment zone for the City to acquire approximately +0.66 acre of land at 501 Austin Avenue South Main Street from Block 27 LLC in exchange for the city owned lot of approximately .49 acres at 502 South Main and the city owned lot of approximately .17 acres at 111 E 7th Street, including allowances for easements and utility relocations and to authorize the City Manager to execute all necessary agreements to effectuate the exchange -- Laurie Brewer, Assistant City Manager
ITEM SUMMARY:

This agreement exchanges two city owned properties at 502 South Main and 113 E 7th Street, currently used for public parking for property located at 501 Austin Avenue which is currently privately owned.  The Austin Avenue site is the preferred location for a city owned parking garage

-          Values are included for each property in order to facilitate title insurance; however no cash is contemplated to be exchanged between the parties other than closing costs and allowances for easements/relocations of utilities

-          A separate agreement is being proposed for the city to lease back the two lots so that public parking will continue in those locations until a garage is constructed.

FINANCIAL IMPACT:

This agreement would provide for an even swap of the two city owned properties for the one larger property ; however there will be closing costs, allowances and costs associated with utilities.  The electric transformer cost is estimated at $100,000 and other costs are estimated to be less than $30,000.

SUBMITTED BY:
Danella Elliott
ATTACHMENTS:
Description
Downtown Land Swap Presentation
Garage land swap -Proposed PSA 04.22.1135pm