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Redevelopment Agency approves five land purchases and final budget to assemble downtown plaza project
Summary
The Morgan City Redevelopment Agency approved five land-purchase agreements and adopted amended and final RDA budgets June 24 to consolidate parcels for a downtown plaza and alleyway project. RDA staff reported $235,000 in property purchases so far; one parcel remained pending signature.
The Morgan City Redevelopment Agency on June 24 approved a package of five land-purchase agreements and adopted both the amended 202426#8211;25 budget and the 202526#8211;26 final budget to consolidate parcels for a downtown plaza, alleyway and associated redevelopment work.
The agreements approved by motion (resolutions R-25-16 through R-25-20) cover parcels identified in the council packet as Commercial Street LLC; Doug Buys Homes; Arden Limited Partnership; Old First National Bank Building LLC (pending signature); and Veil Leasing LLC.
Why it matters
Redevelopment staff said assembling the parcels will allow the city to proceed with plaza and alley designs tied to an estimated capital program. Agency staff reported that the RDA has spent $235,000 so far acquiring properties that are part of the project. Officials said that if a particular seller does not close, the project can still proceed but design adjustments would be required.
Key discussion points
- Parcels and pricing: Staff described the parcels as adjacent pieces that create continuous alley or plaza space. Staff said some purchases were priced by appraisal; the Doug parcels were cited at about $16 per square foot in the packet discussion. The Old First National parcel remained unsigned; staff said that if the sale did not occur it would create a small patio that the city would work around.
- Improvement commitments: The land-purchase agreements contain a clause stating the city intends to make public improvements (curb, gutter, sidewalk, parking and utilities) as provided in the agreements. Council and legal counsel discussed what would happen if the city did not complete the improvements. City attorney Gary noted the legal remedies available to sellers if contractual conditions were not met: the seller could seek damages or, in one negotiated agreement, require retransfer of property if specified improvements were not completed.
- Budget mechanics: RDA staff explained the amended budget reflects actual property payments to date and that next year the general fund will transfer funds so the city holds the consolidated property as a single asset. The RDAbudget includes a planned $300,000 transfer from the general fund into next years budget to accommodate the consolidated property accounting.
Quotations from the meeting
Ty, who presented budget details, said the RDA "paid $235,000 so far for properties for the land." Gary, the city attorney, discussed the improvement clause and the contract consequences if improvements were not completed: "If the city didn't do that, they would come back. The contract is broken," he said, explaining remedies could include damages or, in a negotiated case, return of the property.
Votes and next steps
The council approved all five agreements by unanimous motion. Staff was authorized to complete closings on the signed parcels and to continue work on the pending closing for the Old First National parcel. The RDA annual report included in the packet was also adopted; staff indicated the report had been submitted to the state as required. RDA staff will report final closings and project timing back to council and proceed with engineering and grant match planning as funds and grants are identified.
