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Board reapproves conveyance of Promenade property to City of Utica at below‑market figure
Summary
The corporation voted to reapprove sale of the Promenade property to the City of Utica for $1; an appraisal placed fair market value at about $222,000 and the board set FMV at $220,000. The board will submit a notice to the authority budget office and must wait 90 days before closing.
The board voted to reapprove conveyance of the Promenade property to the City of Utica for a nominal sale price, with a recent appraisal putting fair market value at about $222,000 and the board setting the value at $220,000.
Board members said the corporation will submit a new notice to the authority budget office and wait the statutorily required 90 days before completing the transfer later this summer.
The action follows the…
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