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Lindsay approves sale of four downtown parcels; council to enter 60-day escrow review
Summary
Council voted unanimously to sell four vacant city-owned parcels in downtown Lindsay, with the buyer entering escrow and a 60-day review period. Staff said the transaction would generate roughly $390,000 gross proceeds and about $360,000 net to the city after developer fees.
The Lindsay City Council voted 5 to 0 to approve the sale of four vacant, city-owned parcels in downtown Lindsay and to allow the buyer to begin escrow and a 60-day due-diligence period.
City staff told the council a developer group submitted a proposal to purchase the four parcels. Staff said the sale would allow the buyer to enter escrow and undertake inspections during a 60-day review period before closing. The city staff noted that the sale, if completed as proposed, would result in approximately $390,000 in gross proceeds; after developer fees and related costs the net to the city was estimated at about $360,000.
Council discussion touched on whether selling the parcels precludes future negotiation and emphasized that sale of land does not remove permitting or zoning requirements for future development. A council member clarified, “just selling the property doesn't mean that they still have to go through the process of getting on the building, getting out of the zoning and all that stuff.”
A motion to approve the sale was made by Council Member Soria and seconded by Council Member Mead. The motion carried 5 to 0 by voice vote.
