Council votes 5-0 to sell the Grant Street property to JM Conkling, LLC for $1.3 million
The council voted 5-0 to authorize the Interim City Manager to sell the buildings and land at 501, 509 and 517 S. Grant Street to JM Conkling, LLC for $1,300,000 plus closing costs and related expenses, the same price the City paid. The memo cited the property's location in the Center City Tax Increment Reinvestment Zone No. 1 as the basis for selling without notice and bidding, said the price was not below fair market value based on an April 21, 2022 appraisal, listed the buyer's proposed uses, and said sale proceeds would go to the general fund. Deputy City Manager Andrew Freeman presented the item.[1][2][3]
On June 11, 2024 the council voted 5-0 on a "Motion to sell the property at 509 S. Grant, 517 S. Grant and 501 S. Grant as stated in the agenda for $1.3 mm," made by Tom Scherlen and seconded by Josh Craft. Cole Stanley, Josh Craft, Don Tipps, Tom Scherlen and Les Simpson voted yes.
[1]
Price
$1,300,000
✓ Verified
The contract for sale named the City as seller and JM Conkling, a Texas limited liability company, as buyer, at a purchase price of $1,300,000.00, with $5,000.00 in escrow funds due within five days of execution and closing "on or before July 14, 2024." The memo said funds received from the sale would be allocated to the general fund.
[2]
Price
$1,300,000
Escrow
$5,000
✓ Verified
The memo said the sale fell under the exception to notice and bidding requirements in Local Government Code Sec. 272.001(b)(6) for municipal land in a reinvestment zone that the City wants developed under the zone's project plan, because the property is within the Center City Tax Increment Reinvestment Zone Number One. It said the property was not being sold for less than fair market value based on an appraisal completed April 21, 2022.
[2]
✓ Verified
The memo listed the buyer's proposed uses for the property as apartments, a men's clothing store, a winery, event space and an art gallery.
[2][3]
✓ Verified
Neither the City's June 2024 agenda memo nor ABC 7's report stated why the City decided to sell the property; the memo listed the council priority as "Fiscal Responsibility."
[2][3]
Unverified
No City record or news report found confirms whether or when the June 2024 sale closed. The contract set closing for on or before July 14, 2024; an October 28, 2025 City memo describes 517 South Grant as City-owned.
[2][4]
