City staff presented bids received for the property at 210 North Bonson Street, property the city acquired when Family Advocates ceased using it as a shelter under a deed restriction. The council reviewed five bids ranging from $12,000 to $175,000.

The high bid, from an individual named Tyler Beers, proposed a land contract with 10% down ($17,500), monthly payments of $1,049.21 for five years and a balloon payment of $162,845.12. Staff identified an amortization error in that schedule—Beers amortized the full $175,000 rather than subtracting the down payment—but the bidder wishes to proceed as submitted. The second-highest bid was a conventional purchase offer of $161,000 from Lofemburg and Larson Properties, a local landlord firm; that offer included a standard final walk-through contingency.

Staff explained the practical differences: a land contract yields greater total receipts if fully paid but delays receipt of the bulk of cash and carries risk of nonpayment and foreclosure; an outright sale yields immediate funds at closing. Staff said they had not performed a full title search and recommended councilers contact staff with questions before the January action meeting, when the council will consider which bid to accept.

Staff noted they are not aware of restrictions on how sale proceeds would be spent; absent direction, funds would go to the general fund. The council took the item as information and scheduled action for the first meeting in January.