Posting Language
Title
Authorize negotiation and execution of all documents and instruments necessary for the City to convey a release and relinquishment of access rights to highway facility to the State of Texas, relinquishing highway access along the east line of the City-owned tract located at 707 East 5th Street, for an amount not less than $4,830,540. Funding: This item is projected to result in additional revenue of $4,830,540 to the City.
De
Lead Department
Austin Financial Services.
Fiscal Note
This item is projected to result in additional revenue of $4,830,540 to the City. This revenue will be used to meet outstanding obligations attached to the property, with the remainder of the funds deposited in the capital accounts of the appropriate departments.
Prior Council Action:
February 11, 2010 - Council approved the acquisition of 707 East 5th Street.
September 30, 2010 - Council approved the acquisition of Lot 1, Kuykendall Addition.
For More Information:
Brandon Williamson, Austin Financial Services, 512-974-5666; Michael Gates, Austin Financial Services, 512-974-5639; Jorge Morales, Austin Watershed Protection, 512-974-3438.
Additional Backup Information:
The expansion of Interstate Highway 35 (I-35) as part of the ‘I-35 Capital Express Central Project’ in Austin requires certain parcels to relinquish their right to access the I-35 frontage road, including the City-owned parcel at 707 East 5th Street. Accordingly, the Texas Department of Transportation (TxDOT) desires to purchase from the City a Release and Relinquishment of Access Rights to Highway Facility, memorializing this loss of access.
The City-owned property at 707 East 5th Street consists of two parcels acquired in 2010 for the Waller Creek Tunnel Project. One tract had access from East 5th Street and the I-35 frontage road, and the second tract had access only from the I-35 frontage road, but today they are utilized as one property. Following the conveyance of the Release and Relinquishment to the State, the combined property will retain frontage on and direct access to East 5th Street. However, access will be fully denied across the two existing 48-foot-wide driveways (curb cuts) connecting the property to the I-35 frontage road. Although the remainder property will continue to have access via East 5th Street, it will no longer have direct access to I-35.
TxDOT has offered $4,830,540 as compensation for the denial of access rights to the subject property, based on an appraisal. Austin Financial Services Department, Real Estate Division, has reviewed TxDOT's appraisal and determined that the appraisal and its value conclusion are reasonably supported.