Agenda Information Sheet
DEPARTMENT: Denton Municipal Electric
CM/ ACM: Howard Martin
Date: September 20, 2016
SUBJECT
Title
Consider adoption of an ordinance authorizing the City Manager, or his designee, to execute a real estate sales contract, between the City of Denton, Texas, a Texas Home-Rule Municipal Corporation, as purchaser, and Eagle Farms, Inc., a Texas Corporation, and John Porter Auto Sales, Inc., a Texas Corporation, (Collectively "Owner"), as seller, to acquire fee title to a 340.469 acre tract situated in the Gibson Myers Survey, Abstract No. 843, The Johnson, Green, Myers, and Brummell Survey, Abstract No. 1699, the Moses H. Davis Survey, Abstract No. 377, and the William Wilburn Survey, Abstract No. 1419, located in the City of Denton, Denton County, Texas, generally south of Jim Christal Road, east of Hickory Court, and north of Tom Cole Road, and more particularly described in Exhibit "A" ("Property Interest") for the purchase price of eleven million five hundred thousand dollars and no cents ($11,500,000.00), and other consideration, as prescribed in the Contract of Sale (the "Contract"); authorizing the expenditure of funds; and providing an effective date.
Body
BACKGROUND
In an effort to add more renewable generation to its portfolio, Denton Municipal Electric's (DME) has proposed the Renewable Denton Plan, which sets a goal of 70% green energy by 2019. A key component of the plan is a proposed quick-start generation facility which will allow DME to meet the goals of the RDP and will provide a measure of reliability and flexibility around the 70% renewable portion without ng to increase rates to customers. This facility will allow DME to dispatch generation at times when the renewable energy is not available and when market priced energy is high. This proposed site will house the quick-start generation facility and the corresponding substation.
This property is situated adjacent to the Denton Municipal Airport and a portion of...
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