Tuesday's consent agenda item 8.29 buys the land (maybe 69 acres) at 3601 Allen Avenue for $1,780,370, plus closing costs [TAD carries the two parcels of land on the books at $1.38 million total]. Then [the usable] 45 acres of this property is part of a corporate welfare deal at the end of the evening's agenda where the city will pay these people some more money to develop it. So I guess [vs. knowing facts] we are grossly overpaying for the 24 acres of unusable flood plain land at a price that exceeds what all the land is worth.
The final resolution is for a 380 Agreement with the people the city just bought the land from [see consent agenda item 8.29] to provide another possible $1,319,399.
[So what I think this boils down to is a sweetheart deal on buying worthless land ($1.78 million) + 380 Agreement corporate welfare deal ($1.32 million) = $3.1 million to develop an industrial park on 45 acres near I-20 and Hwy-360, on what they confirmed last week is high in demand “green fields” property. It sure looks like somebody knows somebody.]