City Approves Property Purchase/Trade For Maximum Of $705,000
West U. Council approved Monday night a maximum of $705,000 for the purchase and trade of two properties at the city’s West Point entrance to the Fitness Center, which is currently under construction. The money will come from the general fund, but the city has an option to issue debt later to cover the expense.
The Fitness Center was designed with the acquisition of the two properties in mind.
“It allows us to get the additional parking spaces – 35 to 40 more parking spaces – and it gets us greenspace and frontage on West Point,” said City Manager Michael Ross. “It will allow for ingress and egress much more smoothly.”
With a price of about $65 per sq. ft., Ross says the purchase is being made below appraised value.
“This council has a fortuitous situation arise with these two homeowners willing to sell,” said Mayor Bob Kelly.
In February, council authorized Ross to execute a $5,000 option that the city may purchase the property at 6738 Westpoint for $680,000. The option runs through June 30 and the $5,000 would apply to the purchase.
Council also authorized in February a $5,000 option that the city may exchange the property at 4204 Cason for the city-owned property at 3501 Corondo Court. This option also runs through June 30, and the money will apply to the closing costs of the exchange.
The city has shown interest in the properties since purchasing the old YMCA for use as a recreation center. The two homes are on either side of the section of road leading to the driveway into the Fitness Center parking lot from Westpoint, and are the only entrance to the facility inside city limits.
The Harris County Appraisal District lists the 2008 appraised value of the West Point property as $281,383 for the land and $161,539 for the improvement, for a total of $442,922.
The owner of the Cason Street property told city officials he wanted to remain in West U., and would consider exchanging his land for another city-owned property. The Corondo Court property was purchased by the city about a year ago for open space. The city hoped to eventually purchase the land adjacent to the property, with the possibility of the land becoming a pocket park. The Corondo property was bought with money from the general fund reserve, at a cost of $420,000.
The Cason Street property’s HCAD value for 2008 was $194,481 for the land and $10,957 for the improvements, for a total of $205,438.