The University Park City Council Tuesday approved a resolution approving a settlement agreement with RCV Snider Plaza II LLC to exchange property the city owns in the 3400 block of Haynie Avenue for a property at 3420 Rankin Street, and agreement for real estate services with Bob Myers Commercial.
In the long-term, city officials wanted to acquire the property to provide potential public parking for the Snider Plaza area.
The agreement also authorizes the city to reimburse RCV for costs incurred throughout the process in the amount of 506,217.87, pay $50,000 in closing costs, and $30,000 for broker commission costs, for a total of $586,217.84.
Funding for all expenses associated with the acquisition of the Rankin property will come from available fund balance in the SMU Land Sale Fund.
City Manager Robbie Corder said the owners of the Rankin property already had a construction project in the works before entering into negotiations with the city for the property.
“On a short-term basis, the city could potentially use that as a transition piece for any construction in Snider Plaza. They could also use it to offset parking loss during that construction, so that would be a temporary use. Long term, obviously, we view this as potential parking … starting with surface parking, I know that’s a concern of the neighbors,” Corder said during a pre-meeting work session.
He said the city would have to go forward with a zoning change for the property before they’re able to utilize it.
“Approval of this resolution would move the agreement toward closing,” Corder said.
In other news, the council also:
- Recognized the retirement of infrastructure maintenance tech 2 Rene Rodriguez.