Title
Discussion of issues relating to voluntary a request for voluntary annexation of a +/- 37 acre parcel in the City's ETJ located at 739 Independence Parkway into the Deer Park city limits.
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Summary:
Attached is a memorandum from Molto Properties regarding the proposed voluntary annexation of a +/- 37 acre parcel in the City's ETJ located at 739 Independence Parkway into the Deer Park city limits.
The property is currently a vacant, undeveloped land parcel that was formerly developed with a chemical manufacturing plant. The proposed use is two Class A industrial/office/warehouse buildings featuring concrete tilt-wall construction totaling 555,000 square feet or greater.
The project developer is Molto Properties, a privately held industrial real estate developer and investor. The current owner and applicant is Geo Specialty Chemicals, Inc. The property will be transferred to the Developer during the annexation process.
The Owner/Applicant and Developer plans to acquire a 1' minimum fee simple interest ('the Fee Strip") from the existing City Limit boundary on the north side of Loves Travel Stop to the proposed annexation property boundary. The owner is requesting water and sanitary sewer service from the City, but understands it will be the property owner's responsibility to pay for the cost of extension of said services from their site to the point of connection in the City as designated by the City.
The Owner/Applicant plans to submit a formal request by December 10th for a hearing on December 18th City Council Meeting.
The proposed Project will add approximately $40,000,000 of assessed value to the Property. The City will benefit from the additional value and the City taxes after annexation and will eliminate the need for an Industrial District Agreement on this property. The proposed project will have a relatively low impact on the City's water and sewer resources as typical industrial/warehouse and distribution uses are low consumers of wate...
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