Title
Consider recommendation from EAA staff to approve a contract with Urban Genesis for the sale of the EAA property located at 1610 N. St. Mary’s St., in the amount of $1,715,000.
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STAFF RECOMMENDED MOTION:
Move the board approve a contract for the sale of the property located at 1610 N. St. Mary’s St. to Urban Genesis, in the amount of $1,715,000.
SUMMARY:
The purpose of this agenda item is for the board to consider approving a contract with Urban Genesis for the sale of the property located at 1610 N. St. Mary’s St.
The EAA received a Letter of Intent (LOI) from a representative of Urban Genesis in May 2021 for the purchase of EAA property located at 1610 N. St. Mary’s St. After conferring with the Finance/Administrative Committee at their May 25 meeting, EAA staff commissioned an updated real estate appraisal for said property. The updated appraisal report was received on June 18 with an estimated value of $1,844,000. Staff subsequently shared this information with Urban Genesis representative and asked for their best and final offer based on this most recent appraisal report.
Urban Genesis responded with a purchase price offer of $1,715,000, which is $129,000 or 7% below the estimated appraised value. It should be noted that the best possible use of this property as indicated in the June 2021 Appraisal Report is multi-family or commercial development. Any such development would need to comply with the current development guidelines imposed by the City of San Antonio (COSA). It is expected that the size of the EAA property itself is not conducive to constructing a commercial development that complies with the COSA guidelines; therefore, it is likely the prospective buyer will need to combine the EAA property with other adjacent lots to maximize the development potential of a commercial or multi-family construction. This condition also makes it unfeasible for the EAA to develop this property without the need for additional investments in adjoin...
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