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Title
Authorize negotiation and execution of all documents and instruments necessary or desirable to acquire in fee simple approximately 14.47 acres (630,229 square feet), including a 241,920-square-foot concrete tilt-wall Class A industrial warehouse building with a parking area for 158 vehicles, being Master Unit 4 of the Infinity Park Master Condominiums, also known as Building 4 located at 11708 McAngus Road, Del Valle, Travis County, Texas 78617, from Rastegar Related Fund Management Infinity Park Property Owner LP, for a total amount not to exceed $45,954,640 including closing costs and legal fees. Related to Items #6 and #22.
De
Lead Department
Financial Services Department.
Fiscal Note
Funding is available in the Capital Budget of the Building Services Department.
For More Information:
Kimberly Olivares, Financial Services Department, 512-974-2924; Michael Gates, Financial Services Department, 512-974-5639; Brandon Williamson, Financial Services Department, 512-974-5666.
Additional Backup Information:
This item is for the acquisition of Master Unit 4 of the Infinity Park Master Condominiums ("Master Unit 4"), a 14.47-acre condominium unit that includes an approximately 241,920-square-foot concrete tilt-wall Class A industrial warehouse building; and a parking area for approximately 158 vehicles. The general location of this property is Building 4, 11708 McAngus Road, Del Valle, Texas 78617. The acquisition of Master Unit 4 includes the unit's share of the condominium's common elements, which will be maintained and insured by a property owners' association, with the costs apportioned among the units.
Building 4 is in shell condition and will require a build-out. Upon completion, this building will be a co-location of multiple public safety departments, including Austin Police Department, Emergency Medical Services Department, and Austin Fire Department.
An independent, third-party appraisal was procured to establish the fair mar...
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