Description
Title: Authorize negotiation and execution of all documents and instruments necessary or desirable to acquire approximately 1.3294 acres (57,942 square feet), generally located at 9300 ½ East U.S. Highway 290 Service Road Westbound, Austin, Texas 78724, from First Austin Investments, LLC, for a total amount not to exceed $214,905 including closing costs, for the Northern Walnut Creek Trail Phase 3 project. The property to be acquired consists of fee simple ownership of two tracts of land situated in the Lucas Munos Survey No. 55, Abstract No. 513, Travis County, Texas, being portions of a called 7.67
Summary
The City of Austin is considering the acquisition of approximately 1.3294 acres (57,942 square feet) located at 9300 ½ East U.S. Highway 290 to facilitate the Northern Walnut Creek Trail Phase 3 project. This acquisition, proposed to be purchased from First Austin Investments, LLC for a total of $214,905, aims to enhance connectivity by linking the Northern Walnut Creek Trail to the Southern Walnut Creek Trail. This segment of the trail will cover about 8 miles and is being developed in three phases. The funding for this acquisition is sourced from the Capital Budget of Austin Transportation and Public Works. An independent appraisal confirmed the fair market value of the property, justifying the purchase price. This project is significant for expanding