Item 05: Property Purchase for Briarwood and River Ridge Improvements Project

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COSM_Admin

Administrator
Staff member
Consider approval of Resolution 2022-11R, approving an agreement with Charles D. Nash Jr. for the city to purchase three parcels of land totaling 4.88 acres in the vicinity of the IH-35 Southbound Frontage Road near the intersection of Carlson Circle and River Ridge Parkway for a purchase price of $950,000.00, plus associated closing costs, to be used for water detention facilities and water quality purposes in connection with the Briarwood and River Ridge Improvements Project; authorizing the City Manager, or the City Manager’s designee, to execute said agreement and associated closing documents; and declaring an effective date.
 

JHughson

CoSM Members
I see this:
Funds Required: $950,000.00 (purchase price only)
Account Number: C325 (Briarwood/River Ridge Improvements 12073326-56559
Funds Available: $ 1,063,905.00
Appears to be CIP project 325. Is the $ 1,063,905.00 the amount set for the purchase? Or the entire remaining funds for the project?
But I also see Anticipated funding is by the recently approved American Rescue Plan.
Please remind me how much money we ended up with for this project from the ARP and how much we still need to fund.
 

COSM_Admin

Administrator
Staff member
Response provided by Laurie Moyer, Director of Engineering and Capital Improvement:
City Council funded $1,078,085.00 in American Rescue funds which was less than half of the request. These funds are being used to purchase the land for the detention and water quality ponds. Purchase price is $950,000 plus closing costs. The staff has secured funding from the Texas Water Development Board for the remainder of the project cost and no additional ARP funds will be needed. The 0% loan and grant from TWDB will be coming to Council this Spring.
 
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