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Council approves offer to sell industrial lot to Northland Electric with five‑year right of first refusal on adjacent parcel
Summary
The council approved an offer to sell a split lot in the Northeast Business Center to Northland Electric, a transaction that includes a $55,092 price (as presented), a $750,000 investment commitment from the buyer and a five‑year right of first refusal on the adjacent parcel.
The Special Common Council approved an offer to purchase a vacant lot in the Northeast Business Center by Northland Electric, including a negotiated supplement granting the buyer a five‑year right of first refusal on the adjacent parcel and a buyer commitment to invest at least $750,000 in site improvements. City staff explained the sale arises from a larger lot‑split in the industrial park. The purchase price referenced in the meeting materials reflects the council’s discounted lot pricing (discussed as $10,000 per acre adjusted by credits to a result stated in…
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