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• <br />• <br />AGENDA ITEM 7F <br />STAFF ORIGINATOR: Michael Grochala <br />DATE: 10/22/01 <br />TOPIC: Second Reading: Ordinance No. 18 -01 offering the <br />sale 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 remnant <br />parcel from the city and incorporate it into the Marketplace project. The sale price <br />will equal the city's cost to acquire the parcel. <br />Once the purchase agreement with JADT is executed, the land can be sold to <br />Ryan Companies. Since the city charter requires that land owned by the city <br />must be sold by ordinance, staff is recommending that the two required readings <br />be completed in order to expedite the sale. The ordinance will not be in effect <br />until 30 days after it is published in the local newspaper. <br />OPTIONS: <br />1. Approve the second reading of Ordinance No. 18 -01 offering the sale of <br />property to Ryan Companies. <br />2. Do not approve the second reading <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />• <br />Option 1 <br />