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Kennedale EDC moves forward on roughly 17-acre Oakrest Drive purchase for $1.5 million
Summary
The EDC voted to proceed with purchase of four parcels on E. Oakrest Drive for $1.5 million with a $500,000 down payment and the balance (~$1 million) payable over three years at 3.85% interest; board recorded one opposing vote.
The Kennedale Economic Development Corporation voted March 24 to proceed with the potential purchase of property on East Oakrest Drive as part of a longer-term land-use strategy.
Staff provided a legal description (lots 1–3, Block 10, Oak Crest Addition; plat recorded in volume 388-C, page 81 of Tarrant County records) and described the parcels at 6705, 6711, 6715 and 6725 E. Oakrest Drive. The stated purchase price is $1,500,000 with an anticipated down payment of $500,000. Under the terms discussed, the remaining $1,000,000 would be paid over three years with interest at 3.85%.
Staff said the combined property totals about 17 acres (presenter described this as "roughly 17 acres"). The board discussed how the acquisition would support the city’s long-standing land-use vision and remove three salvage yards from the corridor.
A board member moved to proceed with the purchase; the motion was seconded and carried with one member recorded as opposed.
What’s next: staff did not finalize a purchase contract at the meeting; the motion authorized the EDC to move forward with steps necessary to complete the acquisition. Staff indicated they will return with any required purchase documents and financing details for the board’s review.
