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  Agenda Item 6.       
Meeting Date: 10/17/2017  
Item Title:    Consider approval and ratification of a contingency contract between the City of Garland and Best Center Garland, L.L.C., for the purchase of the former Hypermart tract, consisting of two lots generally located at 3195 S. Garland Road and 3105 S. Garland Road.
Submitted By: Rick Vasquez
Council Goal: Sustainable Quality Development and Redevelopment
Financially Stable Government with Tax Base that Supports Community Needs
Defends Rightful Powers of Municipalities
Fully Informed and Engaged Citizenry
Consistent Delivery of Reliable City Services
Safe, Family-Friendly Neighborhoods
Embrace Diversity

ISSUE
Approve the purchase contract for Lot 12R, Block 1, Walmart Super Center 2 Addition, an addition to the City of Garland (approximately 24.365 acres) and Lot 3R, Block 1, Wal-mart Super Center 2 Addition, an addition to the City of Garland (approximately .735 acres).  The site is currently zoned Planned Development No.08-52 and the base zoning Commercial 2 District.  The property is allowed a number of commercial land uses.  The purchase contract is for the land and does not include existing structures.  The seller will assume responsibility for removal all existing structures from the site prior to executing the purchase contract.
OPTIONS
NA
RECOMMENDATION
Approve the sales contract and prepare the site for redevelopment as spec space for light-industrial use.
BACKGROUND
Light Industrial space types are used for the assembly, disassembly, fabricating, finishing, manufacturing, packaging, and repairing or processing of materials. Light Industrial space types can include but are not limited to spaces for printing, commercial laundry, photographic film processing, vehicle repair garages, building maintenance shops, metal work, millwork, and cabinetry work.

Light Industrial space types must be designed to accommodate a structured working environment with a heavy reliance on machinery and technology. Well laid out circulation spaces are crucial to the safety and well being of building occupants, and will also increase productivity.

Light Industrial space types are often designed with higher bays to take advantage of vertical storage. Utilization of space is maximized while providing adequate circulation paths for personnel and machinery.  Designs should anticipate the loads of stored materials and associated handling equipment, typically 250 LB/SF. Snow, wind, and seismic loads shall be considered where they are applicable.

Typical electrical requirements for the Light Industrial space types include high voltage service to every shop area and a dedicated circuit for every machine station at 250 SF per machine station. Light Industrial space types typically include one floor drain for every two building bays, as well as sand and oil traps on waste lines.

 
CONSIDERATION
The City commissioned an appraisal of the property on July 17, 2017.  The property appraisal was performed by Gerald W. McKim, MAI, SRA, Ace Real Estate Appraisal, 3401 High Plateau Drive, Garland, Texas.  Mr. McKim prepared an "As Is" market value of the real property fee simple estate of the the site and it was determined the property is currently valued at seven million six-hundred thousand dollars ($7,600,000). 

Upon concluding negotiations with the Seller, the City Council authorized staff to extend an offer of $6,500,000 for the two parcels with all verticle structures to be removed by the Seller.
Attachments
Sales Contract


    

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