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CRA board approves sale of 551 E. Sixth St. to adjacent owner with development conditions
Summary
Panama City CRA voted 3-2 to sell a vacant CRA-owned parcel at 551 East Sixth Street to the adjacent owner for the appraised price of $72,000, with a deed restriction requiring a development order application within two years, construction to begin before the development order expires, and a reverter clause if the buyer fails to comply.
The Panama City Community Redevelopment Agency (CRA) board voted 3-2 to approve the sale of CRA-owned property at 551 East Sixth Street to the adjacent property owner for $72,000, accepting an addendum that requires the buyer to apply for a development order within two years and to commence construction before that order expires.
The motion to accept the revised offer came after more than an hour of debate over whether to accept a lower-priced, restricted sale or hold out for full appraised value. The buyer originally offered $42,500; later in the meeting the buyer, through attorney Deedee Rowan, offered the appraised amount of $72,000 and agreed to the board’s development restrictions. “I am prepared today ... to present to you a full price offer of $73,000, and still, in a show of good faith,…
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