PRESENTER: Presenter
Matthew Eckmann, Assistant Director of Public Works
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SUBJECT: Title
Approval of the purchase of the real property addressed as 256 and 264 Krueger Avenue, authorization for the City Manager to execute all necessary agreements and approval of the associated budget amendment.
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DEPARTMENT: - City Manager’s Office and Public Works
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COUNCIL DISTRICTS IMPACTED: All
BACKGROUND INFORMATION:
The Institute for Public Health and Education Research (TIPHER), a local non-profit agency, is the current owner of these properties adjacent to the Westside Community Center/Library property. There are currently 2 vacant structures on the property and one structure that is currently leased to another local non-profit agency. The TIPHER Board of Directors has determined there is no further operational use for the properties for their agency and has approached the City to purchase.
ISSUE:
Construction is nearing completion on the new Westside Community Center Library which is being constructed adjacent to the existing Westside Community Center. This approximately 0.64-acre property will allow for future growth of the site to continue providing services to the citizens of New Braunfels. The City and TIPHER have agreed to a purchase price of $1,000,000 for the properties. An initial payment in the amount of $250,000 will be paid at closing which will be prior to the end of FY 2023. Three additional $250,000 payments will be made in FY 2024, FY 2025, and FY 2026.
Budget Amendment - General Fund - The following budget amendment is necessary to fund the FY 2023 payment required for the above referenced land purchase.
Increase:
Capital Expenditures - Non-Departmental $250,000
FISCAL IMPACT:
With the above budget amendment, funding is included in the FY 2023 Budget for the General Fund for the FY 2023 payment, and the General Fund has enough reserves to cover the amendment. The payments for FY 2024, FY 2025, and FY 2026 will be incorporated into those budgets, therefore, sufficient funds are available.
Recommendation
RECOMMENDATION:
Staff recommends approval of the purchase of the property and associated budget amendment.