On January 24, 2006 the City Council authorized the purchase of 52.9 acres of land at the Molsen Farm property through the Trust For Public Land which assigned the title to the land to the Allen Parks Foundation for future dedication and transfer of title to the City of Allen. Since this purchase, there has been an interest to acquire the additional 30 acres of adjacent land at the northeast corner of Greenville Avenue and Ridgemont Drive.  The Parks and Recreation Department has an interest in the southern 14 acres of this tract and the Allen Independent School District (AISD) has an interest in the northern 16 acres of this tract.  The Parks and Recreation Department has an interest in the driveway between these two parcels.

Both parties (City of Allen and AISD) have been working with the seller to obtain verbal agreement to sell the entire tract.  They have agreed to the proposed price of $5,000,000 for the entire tract.  The City of Allen will purchase the 14-acre tract and the AISD will purchase the 16-acre tract in separate agreements, with the proposed price proportionately divided in relation to each party's gross area.

The City of Allen will use the 14-acre tract to expand the existing master plan to include trailhead and pedestrian integration and the AISD will use the 16-acre property for future development of their agriculture program currently operated in Lucas. 

With the approval of this purchase and with the approval by the AISD Board of Trustees for their purchase, staff will begin to work to integrate both properties in the overall master plan of the site. If approved by both parties, the sale of the property is anticipated to close in August 2016.

This purchase will be funded through Parkland Acquisition Bond Funds as well as a $450,000 grant awarded through the Collin County Parks Foundation Advisory Board.

Staff recommends that the City Council adopt a resolution authorizing the City Manager to execute a Commercial Contract of Sale with Molsen Farms Real Estate, Ltd. In the amount of $2,333,333.33 Plus Closing Costs for the purchase of 14 acres of the 30 acre tract of land at Greenville Avenue and Ridgemont Drive, including any associated incidental expenses. [Molsen Farms]

I make a motion to adopt Resolution No. __________ authorizing the City Manager execute a Commercial Contract of Sale with Molsen Farms Real Estate, Ltd. in the amount of $2,333,333.33 plus closing costs for the purchase of 14 acres of the 30 acre tract of land at Greenville Avenue and Ridgemont Drive, including any associated incidental expenses. [Molsen Farms]