Land around LaGrave Field bought for Trinity River Vision [Fort Worth Star-Telegram, Texas]
Jun. 16--FORT WORTH -- The Tarrant Regional Water District agreed Tuesday to pay $17.5 million for nearly 42 acres surrounding LaGrave Field for the Trinity River Vision project, but the deal does not include the stadium or the Fort Worth Cats minor league baseball team.
Twenty-nine acres will be needed for the flood control and economic development project. Officials said a public entity such as the water district is the only one capable of addressing the environmental cleanup required to allow development on much of the property.
Once the work is completed, any land not needed for canals or right of way can be sold to developers.
Trinity River Vision officials insist that the purchase is not a bailout of embattled Fort Worth Cats owner Carl Bell, who has tried for two years to unload some of his holdings surrounding the stadium. And J.D. Granger, executive director of the Trinity River Vision Authority, said he is confident that the costs can be recouped when the excess land is sold.
Granger said the water district negotiated with Amegy Bank, not Bell, although the Cats owner had a representative listening in on the talks. Trinity River Vision is a political subdivision of the water district.
"This is a real big day for the project," said Granger, adding that the cleanup should help jump-start development. "I've had a lot of inquiries from developers, and one of the holdups has been these environmental-cleanup issues."
'Buying it at our price'
The water district paid $9.75 per square foot for almost 38 acres of Bell's property and $8.50 a square foot for 4 acres owned by Michael Balloun. In March, Bell sold Balloun 4 acres just south of LaGrave Field, when the baseball team "was in desperate financial straits and unable to continue business operations without an infusion of cash," according to a lawsuit Balloun filed against Bell.
The square-footage costs, Granger said, are in line with other purchases the water district has made in the area and are roughly half of Bell's original asking price.
"This is one of the most important land purchases we will make for the flood control and development projects of the TRV," said board member Jim Lane, a north Fort Worth resident and longtime supporter of the project and the Cats.
"There are components of TRV that cannot happen without this property," Lane said. "Our team has worked hard for almost two years putting this together, and we are buying it at our price."
The water district didn't buy all of the land once owned by Bell and now controlled by Amegy.
In February, Amegy posted 46.5 acres at North Seventh and Calhoun streets and along the Trinity River for foreclosure after Bell defaulted on $30 million in loans. It later pulled it off the auction block and said it was working with Bell to find a buyer.
Bell, who is now retired from the insurance business, said in a news release that he is pleased with the sale.
"The announcement made today by the Tarrant Regional Water District is a culmination of some very hard work over almost two years by many, many people," he said. "I believe the agreement reached will help take the Trinity River Vision project forward."
Bell didn't directly address the status of LaGrave Field and the Cats, but he pledged to add features at the stadium and its "surrounding areas."
After offseason rumors that the team wouldn't be able to play, the Cats operated this season after Amegy held off on foreclosure proceedings.
Environmental cleanup
Vic Henderson, president of the water district board, reiterated that the district has no interest in the stadium.
"We neither want nor need LaGrave Field," Henderson said in a statement. "We purchased exactly what we need for the project."
But as part of the deal, the water district has the right of first refusal for three years on any of Bell's remaining acreage, including the stadium.
The 41.7 acres will be used for right of way, canals, easements, parkland and levee work.
Much of the property has deed restrictions imposed by Cytec Industries, which still has liability for environmental issues. Cytec officials couldn't be reached for comment Tuesday.
Bell bought the property from the city in 2007. The city had bought 35 acres from Cytec in 2001 to build LaGrave.
Woody Frossard, project manager for the authority, traveled to Cytec's New Jersey headquarters three weeks ago and received the company's support for the cleanup plan. He said the company was initially reluctant but was eventually convinced that a public entity like the water district could handle the cleanup.
Most of the contaminated soil is Class 2, nonhazardous heavy metals, and he estimates that it will take about $2.5 million and two to three years to clean up the property and receive approval from the Texas Commission on Environmental Quality.
Acquiring the property also "sets the footprint for some of the major elements of the project," Frossard said.
The deal also grants a 10-year lease back to Bell for Cats parking that can be relocated if needed. Granger said parking could also temporarily be placed inside the levees during cleanup work on other parts of the property.
Tarrant County will also continue to use the space for juror parking.
BILL HANNA, 817-390-7698
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