A city water tower and its surrounding properties have been leased to developers at Legacy West.
The lease agreement with the city and JC Penney development partners—SWC Tollway and 121 LLC—was approved by the city council at its April 13 regular meeting. The elevated tank, located at Headquarters and Leadership drives, will removed per the agreement and will generate city revenues of $10 per year for 20 years.
The land will be included as part of the Legacy West project as open space.
"The tank is considered a detriment in attracting corporations and other users to [Legacy West]," city special projects director Phyllis Jarrell said. "Unlike an outright sale of the property, a lease would insures that the land can be used in a manner that compatible with the adjacent development, and also remain under the control of the development partners."
A city water tower and its surrounding properties have been leased to developers at Legacy West.
The lease agreement with the city and JC Penney development partners—SWC Tollway and 121 LLC—was approved by the city council at its April 13 regular meeting. The elevated tank, located at Headquarters and Leadership drives, will removed per the agreement and will generate city revenues of $10 per year for 20 years.
The land will be included as part of the Legacy West project as open space.
"The tank is considered a detriment in attracting corporations and other users to [Legacy West]," city special projects director Phyllis Jarrell said. "Unlike an outright sale of the property, a lease would insures that the land can be used in a manner that compatible with the adjacent development, and also remain under the control of the development partners."
