Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Land Sale topic
No spam. Unsubscribe anytime.
Council approves first reading to sell city parcel to economic development corporation for $2 million
Summary
La Marque — The City Council on Oct. 27 approved on first reading an amended ordinance to sell a parcel in the Waterman Subdivision to the La Marque Economic Development Corporation for $2,000,000 with $1,000,000 due up front and $1,000,000 at closing.
La Marque — The City Council on Oct. 27 approved on first reading an amended ordinance to sell a parcel (described as part of the Waterman Subdivision) to the La Marque Economic Development Corporation for $2,000,000 with payment terms that include $1,000,000 at contract execution and $1,000,000 at closing.
City staff said the parcel was acquired by the city in the 1990s via a deed of gift. Council and staff cited Texas Local Government Code §253.009 as the legal vehicle used in drafting the sale; that statute provides a procedural framework for a city to convey property under certain conditions for economic development.
City staff and the EDC representative told council the $2,000,000 figure falls within standard market comparables for undeveloped land in the area and that the EDC increased an earlier offer to provide more immediate cash to the city. “The EDC has offered to put forth $1,000,000 of the $2,000,000 purchase price as an initial, upfront payment and then the second million at the time of closing,” staff said.
Why it matters: The sale is intended to generate immediate revenue to help the city’s fiscal position; the matter will return for future readings necessary under city ordinance to finalize conveyance.
Votes and next steps: Council approved first reading and instructed staff to proceed with the contract using the revised terms. Staff noted that the sale will be finalized only after the required subsequent readings and statutory procedures are complete.
