HomeMy WebLinkAboutRES 1987-017 CITY OF GRAPEVINE, TEXAS
RESOLUTION IVO. 87-17
A RESOLUTION APPROVING THE PURCHASE OF A 12.15 ACRE
'I'RACT OF LAND LOCATED IN THE WILLIAM DOOLEY SURVEY
AI+TD THE TERMS OF SAID PUR.CHASE FOR FUTURE EX-
PANSIOIV OF PUBLIC FACILITIES; APPROPIdIATING THE FUNDS
FOR FISCAL YEAR 1986 - 1987 AND AUTHORIZING AND
"'�`�` DIRECTING THE CITY 1VIANAGER TO EXECUTE ON BEHALF OF
THE CITY ALL NECESSARY DOCUMENTS, AS APPROVED BY
TI�E CITY ATTORNEY, TO EFFECTUATE THE PURCHASE.
�,�
WHEREAS, the City Council has determined the necessity to acquire a
12.15 acre tract of land (Subject Property) located in the William Dooley Survey
for future expansion of public facilities; and
6�VHEREAS, the owner of Subject Property, Ballas Grapevine Associates
(Owner) has agreed to sell and convey the Subject Property for a certain price
and upon certain terms; and
WHEREAS, the City is of t�e opinion that the price quoted is fair and
reasonable and represents the market value of Subject Property and that the
terms of payment are acceptable.
NOW, T�EREFORE, BE IT �b.ESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1. That the offer to sell and convey a 12.15 acre tract of land
located in the L�illiam Dooley Survey in the City of Grapevine by the Owner,
Dallas Grapevine Associates, as noted in the attached letter labeled Exhibit "A"
on the following terms, is hereby accepted:
,�, .. A) Total compensation - $1,270,209.60, which is calculated on the
, basis of $2.40 a square foot.
�-� B) Terms of payment:
1) 20°� down at closing, $254,041.92.
2) Balance of $1,016,167.6� payable in full five (5) years from
the date of closing, the obligation to pay the balance being
evidenced by a five (5) year note, 8 1/2°�o per annum interest
payable semi-annually on November 1 and May 1 of each
year. The note is secured by a deed of trust and a vendors
lien in the warranty deed to be conveyed at the closing.
3) Closing of the sale shall be at Dallas Title Company located
within the Quorum in Dallas, Texas on or about April 8,
1987.
4) Seller shall furnish the Owners title policy and a survey.
The title policy shall contain no survey exception.
5) The City shall reserve the right to pre-pay the balance of
the note at any time without any prepayment penalty.
�.:.� 6) In the event it is determined by the Grapevine City Council
prior to the time for payment in full of the five (5) year
note as evidenced by a City Council Resolution that no
�� street right-of-way is needed within the 12.15 acre tract of
land, $52,925.40 in additional consideration shall be paid to
the Seller by the City at the same time the balance of the
note is paid.
Section 2. The City does hereby appropriate and authorize the payment
of the down payment and all closing costs that are to be born by the purchaser.
�; � EXHIBIT "A" TO
RESOLUTION NO. 87-17
_, !
T E '� � �
�::���Y►1''�'AdY��"/'L'iv'111__��.�.....��...�.ZYYwn.uh�iGF���...-s.r..:�i�..�i'J�,:uI •
February 16 , 1987
� ,.:
Mr. Dennis Dawson �
City Manager
City of Grapevine
P. 0. Box 729
Grapevine, Texas 76051
Re: 12.15 Acre Tract in Grapevine
Dear Dennis:
This letter is in response to � our telephone conversation of February
13 , 1987 regarding your desire for an option to purchase our property
in Grapevine � on a terms basis. as opposed to the $2.50/Sq. Ft. cash
price we had offered.
In order to facilitate an early closing rather than waiting for
approval of the bond elections. in the fall , the owners would agree to
the following terms:
�:v�
1. 20$ down payment based on a purchase price of $2 .50/Sq. Ft.
2. Interest rate would be prime + 1.5$ (as ascertained by MBank �
Dallas) on a five year interest only note.
3. The City would guarantee payment of the purchase price.
If these terms are acceptable to you, I will draw up a contract so
that we may proceed to a quick closing.
In summary, the purchase price would be $2 .50/Sq. Ft. x 12 . 15 acres ,
or 529 ,254 Sq. Ft. for a total price of $1, 323 , 135 .00 . The down
payment would be 20$ of the purchase price or $264, 627.00. The prime
rate is currently 7. 5$ , therefore prime + 1.5� would yield 9� of the
balance or semi-annual interest payments of approximately $47, 633 .00
for the next five years, with the remainder of approximately
$1,058 , 508 . 00 due in March of 1992 .
TERRA COMPANIES
".l�(i. ._._. . _C � _� • .
�� , , � ...,
, :'n _ - ..`.t
�. ... . :�:,';,-`_,2a-
� 21.3 9�?a�J.3:1 ,,,.,
��
�
,;
�
.. �
Mr. Dennis Dawson ,,�,,,
February 16 , 1987
Page Two
I hope this gives you all the information you require, but if you find
you need anything else, please give me a call .
Sincerely,
DALLAS GRAPEVINE ASSOCIATES
� �
By:
M. au 1 Spa i12--i .
MPS/rt
��
Section 3. The City Manager is hereby authorized and directed to
execute a contract of purchase, note, deed of trust and all necessary documents
as approved by the City Attorney's office necessary to effectuate the subject
sale.
APPROVED THIS the 17th day of March, 1987.
''�'`""' Mayor, City of Grapevine, Texas i
ATTEST:
��
Cit Secretar
[SEAL]
AFPROVED AS TO FORM:
� _.
City Attorney
��
�_�
��
-2-