Ordinance No. 2,0016626
ORDINANCE NO.2001
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS AUTHORIZING THELEASE OF LAND OWNED BY THECITY
OF BAYTOWN,TEXAS,TO FIRST AMERICAN BANK AND TRUST OF
BAYTOWN;DIRECTING THE MAYOR TO EXECUTE AND THE CITY
CLERK TO ATTEST TO AN INSTRUMENT LEASING SAIDLAND TO
FIRST AMERICAN BANK AND TRUST OF BAYTOWN,AND PROVIDING
FOR THE EFFECTIVE DATE HEREOF.
WHEREAS,the First American Bank and Trust of Baytown,
which is situated at 1 Thomas Circle adjacent to the City's
street right-of-way,is in need of additional parking space;
WHEREAS,the City of Baytown has certain property at
this site which is not being used and which is not under
fence;and
WHEREAS,the First American Bank and Trust of Baytown
has expressed a desire to lease such property;and
WHEREAS,TEX.REV.CIV.STAT.art.5421c-12 provides
that narrow strips of land and streets and alleys maybe
sold by the City to abuttingproperty owners without the
necessity of publication of notices and taking of bids;and
WHEREAS,TEX.REV.CIV.STAT.art.5421c-12 further
provides that any conveyance,sale or trade made pursuant to
the provisions thereof shall never be made for less than the
fair market value of the land or interest in land being
conveyed,soldor traded as determined by an appraisal,
which appraisal shall be conclusive of the fair market
value;and
WHEREAS,Tax Assessor-Collector of the City of Baytown
has made an appraisal of said property and has determined
that the sum of One Hundred Fifty and No/100 ($150.00)
Dollars per month would not be less than the fair market
value for the lease of said property;NOW THEREFORE,
BE IT ORDAINED BYTHECITY COUNCIL OFTHE CITY OF
BAYTOWN,TEXAS:
Section 1:That the City Council of the City of Baytown
herebyaccepts the appraisal of the Tax Assessor-Collector
of the City of Baytown which is attached hereto marked
Exhibit "A".
Section 2:That the City Council of the City of Baytown,
does hereby authorize the lease of land owned by the City of
Baytown,described in Exhibit "B,"attached hereto for the
sum of One Hundred Fifty and No/100 ($150.00)Dollars per
month to First American Bank and Trust of Baytown.
Section 3:That the City Council of the City of Baytown
authorizes the Mayor and the City Clerk to execute and
attest to a lease of City owned property described in Exhibit
"B"attached hereto,for parking space forthe First American
Bank and Trust of Baytown.
Section 4:This ordinance shall take effect from and
after its passage by the City Council of the City of Baytown.
INTRODUCED,READ and PASSED by the affirmative vote of
the City Council of theCity of Baytown this 13th day of
Mav 1976.
"7
TOM GENTRY',Mayor
ATTEST:-
EILEEN P.HALL,City Clerk"
APPROVED:
NEEL RICHARDSON,City Attorney
-2-
EXHIBIT "A"
\
APPRAISAL REPORT
May 4,1976
TO:Mr.Fritz Lanham,City Manager
FROM:O.M.Coe,Jr.,Staff Appraiser
SUBJECT:Lease Agreement with First American Bank
The property requested for lease by the First American Bank is
adjacent to the bank property along the front bordering Decker
Drive to the corner of West Texas Avenue-The request is for
14,304square feet out of the R.0.W.left after the proposed
curb line is moved in the changes made to Thomas Circle.(See
attached plat)
The lease will be subject toan easement retained by the City
for maintenance of existing and future installation of water
and sewer lines.Any damage to the bank improvements by the
City in locating,maintaining,installing or removing existing
and new lines will be the bank's responsibility.
The object of this appraisal is to determine an annual or monthly
rent for the property.
The value of the 14,304 square feet has been determined to be
in my opinion $28,608.
The rent which the City should receive is indicative of what
would be justified by the "willing seller,willing buyer"con
cept in purchasing property in order to receive a fair rate of
return on the investment.The moststable average gross return
on like or comparable properties is something between 7%and
9%.For purposes of this appraisal 8%is used.The fact that
full use by the bankwill be impaired by the retained easement
useagej a 20%deduction from the rental payment is applied.
It is therefore my opinion after a search of the market that
the rental value per annum is $1800 or$150 per month.
5u-
O.M.Coe,Jr.f^/
Staff Appraiser
30
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EXHIBIT "B"
Beginning at a point on the existing southwest Right of Way line of Decker
Drive,said point being described as the south edge of the existing driveway of
the First American Bank.
Thence,South 81 degrees 51 minutes East a distance of10 feet to a point,
said point being the beginning of a curve to the Right.
Thence,along a curve having a radius of 640 feet and continuing a distance
of 210 feet.
Thence,along a third curve to the right with a radius of 10 feet for a dis
tance of 16 feet to a corner.
Thence,North 68 degrees 41 minutes West,parallel to the north line of West
Texas Avenue,a distance of47 feet to a corner,said corner being located on
the Southwest Right of Way line of Decker Drive.
Thence,northerly along said Right of Way line 328 feet to the point of be
ginning,and containing within these metes and bounds .328 acres of land,more
or less.