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Commission discusses options to sell former Maribelle restaurant property; considers listing or auction and invites broker input
Summary
County staff summarized the history and costs of the Maribelle (former restaurant) property in downtown Burlington and commissioners discussed whether to list the asset with a commercial broker or to auction it, asking staff to invite TrustPoint for a formal presentation.
County staff updated the Board of County Commissioners on the status and costs associated with the county’s ownership of a formerly commercial property (referred to in the meeting materials as the Marybills/Maribelle building). Staff provided a November 2023 commercial appraisal valuing the property — building plus equipment — at $120,000 at that date and outlined county expenditures: payoff of a Lyon County State Bank mortgage, a small City of Burlington note, roof replacement, brick repairs and legal and utility costs the county has borne during ownership and related litigation.
Staff explained the county previously elected to pay off bank and city loans to consolidate the legal foreclosure actions into a single district‑court case, which avoided multiple legal actions but required the county to fund payoffs and legal fees. Total county outlays attributable to loans, brick and roof work and related items (excluding utilities and legal fees) were presented in the packet as roughly $343,537; when legal fees, insurance and utilities are added the county’s out‑of‑pocket total is higher (staff provided line‑item figures during the discussion). An independent contractor appraisal and a structural engineer’s input regarding exterior brickwork were shared; the engineer concluded the structure itself was sound but exterior brick and some trim work require repair.
Commissioners discussed sale strategies: an MLS listing via a commercial broker (TrustPoint) with a typical seller commission cited by staff as roughly 3 percent, or an auction. Staff said TrustPoint indicated late‑year listings (October–December) can attract businesses seeking to use year‑end capital. Commissioners raised trade‑offs: listing with a broker includes market exposure and broker fees; auctioning can produce a quicker sale but might yield lower net proceeds. Several commissioners favored inviting TrustPoint to present options to the board before setting a reserve or list price. Staff will schedule TrustPoint or otherwise gather broker input and return with proposals; commissioners did not set a sale reserve at the meeting.
