DEPARTMENT: Office of EastPoint & Real Estate Services
DEPARTMENT HEAD: Mike Etienne, Ph.D., Director
COUNCIL DISTRICTS IMPACTED: 5
SUBJECT:
Disposition: Sale of Surplus City-Owned Property
SUMMARY:
Consideration of an ordinance authorizing the disposition and sale of a 0.56 acre improved tract of land located at 915 Castroville Road, in Council District 5, to TCP Capital Partners, LLC for $150,000.00 for economic and commercial development.
BACKGROUND INFORMATION:
Under Municipal Code, all City property must be declared as surplus prior to the disposition of the property. The request to declare property as surplus must be submitted to the Office of EastPoint & Real Estate Services, then the request and exhibits are sent to departments and municipal utilities that provide services to, or construct infrastructure on the properties. The departments and municipal utilities respond if there is a need for the property or if the property can be disposed of. In compliance with City procedures, the subject property was advertised to the public in the Express News Paper on February 2014.
The property is located at 915 Castroville Road in the parking lot of the Las Palmas Shopping Center in Council District 5. Las Palmas, Inc. originally donated the property to the City in 1967 for use as a public library. The library subsequently was relocated to 515 Castroville Road in 1994 and the property has since been occupied by the Department of Metro Health. TCP Capital Partners, LLC (parent company of Las Palmas Inc.) and owner of the Las Palmas Shopping center had requested the City declare as surplus and sell them the property so they can expand the existing shopping center with a 15,526 square foot rentable retail space and 5,726 square feet for professional/service use in the existing building.
If the sale is approved by City Council, TCP Capital Partners will invest about $2.6 million to expand the Las Palmas Shopping Cen...
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