In a recent government meeting, significant concerns were raised regarding the sale of a city property valued between $18 million and $30 million, which is being sold for only $10 million to a Delaware financial advisory firm. Councilperson Geddes highlighted that the two appraisals conducted over a year ago, which valued the property at $18 million or more, are outdated and do not reflect the current market conditions following recent rezoning approvals.

The discussions revealed that the sale includes a portion of Second Avenue South, an active city street that cannot be sold until formally abandoned through public hearings. Geddes emphasized the need for a new appraisal to accurately assess the property's value, suggesting it should fall within the $25 million to $30 million range.

Concerns were also raised about the city's current parking lease, which generates only $21,021 annually, while the city pays $58,000 in property taxes for the parcel. The council noted that the potential cancellation payment from the lease could be significantly lower than previously estimated, further complicating the financial implications of the sale.

Critics of the deal argue that selling the property at such a low price to a financial adviser could lead to substantial profits for the buyer, potentially doubling or quadrupling their investment upon resale. The council's decision to offer the property for public bidding for only 30 days was also labeled as fiscally irresponsible, prompting calls for a reevaluation of the sale process and its implications for the city's financial health.