{"MatterTextId":2070,"MatterTextGuid":"1B79A61B-ECA1-49F8-B190-685D739C98F7","MatterTextLastModifiedUtc":"2026-10-12T18:41:09.13","MatterTextRowVersion":"AAAAAABUPWg=","MatterTextMatterId":2015,"MatterTextVersion":"1","MatterTextPlain":"..header\nDepartment:\t Special Projects\nDirector:  Peter Braster, Director of Special Projects\nAgenda Item:  Sale of City Property at 1013 15th Place and 1545 K Avenue\nRecommended Action:  Approval of Request\n..end\nItem Summary\n..title\nTo approve a request to sell real property at 1013 15th Place and 1545 K Avenue to CONTI Texas Organization, Inc. in the amount of $850,000; and authorizing the City Manager to execute all necessary documents.\n..body\nBackground\nThe City of Plano acquired various parcels at the northwest corner of K Avenue and 15th Place in Downtown Plano between 1991 and 2000 in conjunction with DART in anticipation of the opening of the DART Red Line and the Downtown Plano Station.  The City’s land was then leased to an apartment developer who constructed a mixed-use development with 245 apartment units on two lots covering a total area of 2.81 acres. The two buildings on these lots have been sold several times since their construction and are known today as the LINK at Plano.\n\nAfter learning that the LINK at Plano buildings had been listed on the open market, the City of Plano engaged the listing brokerage, Newmark, to list the City’s land alongside the leasehold improvements with the goal of unifying the improvements with the land in order to increase the attractiveness of both assets to potential buyers. Unifying the land with the improvements would attract more buyers, reduce the City’s future involvement in the property, and improve the prospect of future redevelopment with the right market conditions.  The sale of the two lots would also place them on the tax rolls; however, the net revenue to the City would decrease due anticipated tax revenue from the two lots being less than the existing annual ground lease payment of $67,678.\n\nStaff requests approval to negotiate a sales agreement with CONTI Texas Organization, Inc. (CONTI) and authorize the City Manager or his designee to execute all necessary documents to effectuate the sale with the following terms:\n\nCONTI will pay $850,000 for the property\nCONTI will grant the City a public parking easement so that the existing public parking spaces in the parking garage off J Place remain available to Downtown Plano visitors\nCONTI will maintain landscaping improvements between the property and the back of curb as currently required under the ground lease agreement\nCONTI will have a 30-day due diligence period\nThe City will provide good, marketable, and indefeasible fee simple title to the Property\nClosing for the transaction will occur no later than December 21, 2026\nFinancial Summary/Strategic Goals\nApproval of the sale of 2.81 acres at 1013 15th Place and 1545 K Avenue to CONTI will result in a one-time revenue of $850,000.\n\nApproval of this item will support the City's Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government.\nAttachments\nLocation Map\n\n","MatterTextRtf":"{\\rtf1\\fbidis\\ansi\\ansicpg1252\\deff0\\deflang1033\\deflangfe1033{\\fonttbl{\\f0\\fswiss\\fprq2\\fcharset0 Arial;}{\\f1\\froman\\fprq2\\fcharset2 Symbol;}}\n{\\colortbl ;\\red255\\green255\\blue255;\\red0\\green0\\blue0;}\n\\viewkind4\\uc1\\pard\\ltrpar\\cf1\\kerning2\\f0\\fs2 ..header\\cf2\\fs24\\par\n\\pard\\ltrpar\\qj\\cf0\\b Department:\\b0\\tab  Special Projects\\par\n\\b Director:  \\b0 Peter Braster, Director of Special Projects\\par\n\\b Agenda Item:\\b0   Sale of City Property at 1013 15th Place and 1545 K Avenue\\par\n\\b Recommended Action:  \\b0 Approval of Request\\par\n\\pard\\ltrpar\\cf1\\fs2 ..end\\fs24\\par\n\\pard\\ltrpar\\sb360\\sa80\\sl276\\slmult1\\cf2\\b Item Summary\\par\n\\pard\\ltrpar\\cf1\\b0\\fs2 ..title\\cf2\\fs24\\par\n\\pard\\ltrpar\\qj To approve a request to sell real property at 1013 15th Place and 1545 K Avenue to CONTI Texas Organization, Inc. in the amount of $850,000; and authorizing the City Manager to execute all necessary documents.\\par\n\\pard\\ltrpar\\cf1\\fs2 ..body\\par\n\\pard\\ltrpar\\sb360\\sa80\\sl276\\slmult1\\cf2\\b\\fs24 Background\\par\n\\pard\\ltrpar\\qj\\b0 The City of Plano acquired various parcels at the northwest corner of K Avenue and 15th Place in Downtown Plano between 1991 and 2000 in conjunction with DART in anticipation of the opening of the DART Red Line and the Downtown Plano Station.  The City\\rquote s land was then leased to an apartment developer who constructed a mixed-use development with 245 apartment units on two lots covering a total area of 2.81 acres. The two buildings on these lots have been sold several times since their construction and are known today as the LINK at Plano.\\par\n\\par\nAfter learning that the LINK at Plano buildings had been listed on the open market, the City of Plano engaged the listing brokerage, Newmark, to list the City\\rquote s land alongside the leasehold improvements with the goal of unifying the improvements with the land in order to increase the attractiveness of both assets to potential buyers. Unifying the land with the improvements would attract more buyers, reduce the City\\rquote s future involvement in the property, and improve the prospect of future redevelopment with the right market conditions.  The sale of the two lots would also place them on the tax rolls; however, the net revenue to the City would decrease due anticipated tax revenue from the two lots being less than the existing annual ground lease payment of $67,678.\\par\n\\par\nStaff requests approval to negotiate a sales agreement with CONTI Texas Organization, Inc. (CONTI) and authorize the City Manager or his designee to execute all necessary documents to effectuate the sale with the following terms:\\par\n\\par\n\\pard\\ltrpar\\fi-360\\li720\\qj\\f1\\'b7\\tab\\f0 CONTI will pay $850,000 for the property\\par\n\\f1\\'b7\\tab\\f0 CONTI will grant the City a public parking easement so that the existing public parking spaces in the parking garage off J Place remain available to Downtown Plano visitors\\par\n\\f1\\'b7\\tab\\f0 CONTI will maintain landscaping improvements between the property and the back of curb as currently required under the ground lease agreement\\par\n\\f1\\'b7\\tab\\f0 CONTI will have a 30-day due diligence period\\par\n\\f1\\'b7\\tab\\f0 The City will provide good, marketable, and indefeasible fee simple title to the Property\\par\n\\f1\\'b7\\tab\\f0 Closing for the transaction will occur no later than December 21, 2026\\par\n\\pard\\ltrpar\\sb360\\sa80\\sl276\\slmult1\\b Financial Summary/Strategic Goals\\par\n\\pard\\ltrpar\\qj\\b0 Approval of the sale of 2.81 acres at 1013 15th Place and 1545 K Avenue to CONTI will result in a one-time revenue of $850,000.\\par\n\\par\nApproval of this item will support the City's Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government.\\par\n\\pard\\ltrpar\\sb360\\sa80\\sl276\\slmult1\\b Attachments\\par\n\\pard\\ltrpar\\qj\\b0 Location Map\\par\n\\par\n}\n"}