Approve Acquisition of Abstract 1133 Tract 1A01 of the James B. Martin Survey and Lots E, F, and G of Block A1 of the Powell Subdivision of the City of Fort Worth, Tarrant County Texas, Known as 5705 Meadowbrook Drive, 701 W. Jessamine Street and 2274 Hemphill Street at Current Market Value Attachments: ( 1 ) Acquisition of 5705 Meadowbrook Drive, 701 W. Jessamine Street, and 2274 Hemphill Street

Staff Report & Agenda Item Details

16.F.3.a. Approve Acquisition of Abstract 1133 Tract 1A01 of the James B. Martin Survey and Lots E, F, and G of Block A1 of the Powell Subdivision of the City of Fort Worth, Tarrant County Texas, Known as 5705 Meadowbrook Drive, 701 W. Jessamine Street and 2274 Hemphill Street at Current Market Value Attachments: ( 1 ) Acquisition of 5705 Meadowbrook Drive, 701 W. Jessamine Street, and 2274 Hemphill Street Discussion: Trustee Darr: The background information states that the current cost of these properties is in excess of what was previously approved by the Board. Questions: What was the previously approved price? What is the difference that the Board is being asked to approve? Why was the property not previously purchased at the lower price? Response: Property Location Approved Dec 12, 2023 Current Appraisal Difference 701 W Jessamine St & 2274 Hemphill St $         870,000 $      980,000 $    110,000 5705 Meadowbrook Dr $         310,000 $      370,000 $       60,000 Per the resolution approved on December 12, final offers were presented to the property owners based on appraisal reports from May 2023. When these offers were not accepted, eminent domain proceedings were initiated.   During the process we were advised that the age of our previous appraisals could be a concern at the August 2024 special commissioners hearing(s) regarding current fair market value.    It was determined that refreshing the reports would help us provide up-to-date valuations as well as demonstrate our good faith to provide fair compensation for the acquisitions.