Posting Language
Title
Authorize negotiation and execution of all documents and instruments necessary or desirable to convey approximately 0.252 acres (10,987 square feet) of land located at 2624 Bright Verde Way, Austin, Texas, 78758, to Verde Way, LLC in exchange for approximately 0.586 acres (25,527 square feet) of land located at 2624 Bright Verde Way for the purpose of establishing insurable ownership of the 0.586 acre tract for an amount not to exceed $0.00, including closing costs. Funding: This item has no fiscal impact.
Body
Lead Department
Financial Services Department
Fiscal Note
This item has no fiscal impact.
For More Information:
Brandon Williamson, Financial Services Department, 512-974-5666; Michael Gates, Financial Services Department, 512-974-5639.
Additional Backup Information:
This disposition is a property exchange between the City of Austin and Verde Way, LLC that will result in Verde Way, LLC gaining clear title to a 0.252-acre tract of land and the City gaining clear title to a 0.586-acre tract of land. Both tracts of land were part of a 3.06-acre Capital Metropolitan Transportation Authority (CapMetro) rail spur right-of-way that CapMetro vacated on June 27, 2022 (by virtue of Document No. 2022146337 Official Public Records of Travis County, Texas recorded on August 31, 2022).
When right-of-way is vacated, as a general rule, the owner of the land abutting the right-of-way is presumed to own to the center line of the vacated right-of-way (unless a different intent was expressed in the original grant) under the doctrine of "strips and gores". After CapMetro's vacation of the rail spur right-of-way, three of the adjacent property owners (10321 Burnet NRG L.P., on behalf of related entity, NRG Rail Spur, LP (NRG), 10200 McKalla Place, L.P., and Verde Way, LLC) brought a suit in district court to cure title to their respective portions of the rail spur. In lieu of seeing the case through to a final judgment, one of the owners/plaintiffs,...
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