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and Associates prepared a Quantity and Cost Estimate
(Preliminary) for Tract No. 22332, dated January 16, 1987,
stating costs of $389,435.81 for the Exchange Property. Later,
in a Quantity and Cost Estimate (Preliminary) for Tract No.
22332, dated February 3, 1988, Garner, Troy and Associates
estimated the costs were in the amount of $490,560. The Quantity
and Cost Estimate was approved by Mr. Dotson for the city of
Beaumont on March 18, 1988. On February 1, 1988, the city
approved a grading plan for Tract No. 22332.
Petitioner made no improvements on the Exchange Property.
Exchange
In 1988, Gold Coast Development, Inc. (Gold Coast),
approached petitioner with an offer of $650,000 to purchase the
Exchange Property. Petitioner indicated that it was unwilling to
sell the Exchange Property, but would be willing to exchange the
Exchange Property. On April 5, 1989, petitioner entered into an
exchange agreement with Empire Realty Exchange, Inc. (Empire).
The conveyance of the Exchange Property was contingent upon the
following:
(1) Petitioner's house plans being approved for construction
by the city of Beaumont;
(2) Gold Coast being able to secure building permits for the
houses;
(3) Gold Coast verifying with the city that all necessary
approvals to enable Gold Coast to record a final subdivision
map for 48 single family lots have been obtained;
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Last modified: May 25, 2011