Agenda Information Sheet
DEPARTMENT: Community Affairs
CM/ACM: Todd Hileman
Date: March 7, 2017
SUBJECT
...Title
Receive a report, hold a discussion and give staff direction regarding the use of the Prescott Tract at US 380 and Virginia St., which is currently owned by Denton Municipal Electric.
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BACKGROUND
In October 2015, the City Council authorized Denton Municipal Electric (DME) to purchase approximately 10.94 acres on two tracts of land, known as the Prescott property. DME needed an easement along the west side of the property for a 138kV power line, and the City also needed a public utility easement on the northeast corner of the property. City Council approved the request for DME to purchase the two tracts for $1.7 million.
DME has built the 138kV power lines it needs and has no other use or plans for the remaining property. In May 2016, DME was approached by a developer who submitted a proposal to purchase a portion of the Prescott property. This proposal was shared with the City Council in a Closed Session in July 2016. As part of that conversation, the City Council was given some information on alternative uses for that tract of land. Staff was directed to do some further research and return to the Council with a more formal proposal. DME continues to receive inquiries from the developer interested in purchasing some of the Prescott Property.
The Prescott property is located at US 380 and Virginia St. The property, as well as the properties around it, are zoned Employment Center Commercial (EC-C). Because the site will drain directly to a major stream, no detention is required on site. There are no gas well pad sites in the vicinity. Any development will have to comply with the Denton Development Code (DDC) with regard to finish floor elevations and parking lot elevations. Driveway access to US 380 is not likely to be approved. The existing turn lane and the close proximity of the Loop 288 ramp and Virginia Circle allows insuff...
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