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• <br />• <br />AGENDA ITEM 7E <br />STAFF ORIGINATOR: Michael Grochala <br />DATE: 10/8/01 <br />TOPIC: First Reading: Ordinance No. 18 -01 offering the sale <br />of property to Ryan Companies US, Inc. <br />BACKGROUND: <br />The City is purchasing a parcel of land from JADT Development Group as part of <br />a transaction to acquire access into the Marketplace development on I -35W and <br />Lake Drive. A remnant parcel of 0.9 acres will result from the construction of <br />Apollo Drive to serve the Marketplace development. <br />Ryan Companies, the developer of Marketplace, plans to purchase this parcel <br />from the city and incorporate it into the Marketplace project. <br />According to city charter, land owned by the city must be sold by ordinance. An <br />ordinance requires two readings, then becomes effective 30 days after <br />publication. <br />OPTIONS: <br />1. Approve the first reading of Ordinance No. 18 -01 offering the sale of property <br />to Ryan Companies. <br />2. Do not approve the first reading <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />