Res 014-87 1/20/1987RESOLUTION NO. N-477
RESOLUTION APPROVING THE APPRAISAL OF 51
PARCELS OF REAL PROPERTY FOR THE RIVERWALK
PROJECT, SETTING JUST COMPENSATION, AND
AUTHORIZING PURCHASE OR CONDEMNATION.
WHEREAS, it is necessary to acquire the 49 parcels of
real property hereinafter described for the Riverwalk Project;
and,
WHEREAS, the owners of two parcels of property in the
immediate area of the Riverwalk have indicated interest in selling
their property to the City at this time; and,
WHEREAS, such property has been appraised by Henderson
Appraisal and Consultants of Wichita Falls , and the appraisals
have been reviewed by the Property Administrator and are now
on file in the Property Management Office.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. It is necessary that the City of Wichita Falls
acquire fee simple title to the hereinafter described property
located in the Original Townsite of Wichita Falls, Wichita County,
Texas, for development of the Riverwalk Project:
All of Lots 1 through 7 , Block 99
All of Lots 8 through 14 , Block 100
All of Lots 8 through 14 , Block 119
All of Lots 1 through 14 , Block 120
All of Lots 1 through 14 , Block 121
Total appraised value of these 49 parcels is $661, 800. 00
SECTION 2 . It is approved by the City Council to also
acquire Lot 9 and Lot 14 of Block 98 of the Original Townsite,
which have a total appraised value of $31, 000 . 00
SECTION 3 . The total amount of just compensation for
the acquisition of the 51 parcels is set at $692 , 800. 00 , which
is also the fair market value determined by Henderson Appraisal
and Consultants , who were employed by the City of Wichita Falls
to appraise the property.
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SECTION 4 . In the event that the City Manager is unable
to purchase such parcels for the appraised value, he is authorized
to increase the offer when, in his judgment, it appears to be
in the best interest of the City to do so to save the cost of
condemnation. If both parties are unable to agree on a value
for the property and such time arises that the City is ready
to schedule the construction of the riverwalk, the City Manager
is hereby authorized and directed to cause to be 'instituted
condemnation proceedings to obtain such property in the name
of the City of Wichita Falls .
PASSED AND APPROVED this the 20th day of January, 1987 .
4400240.
M A Y 0
ATTEST:
City Clerk
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