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CIC signs option to market ‘Fort Barbie’; minimum price set, commission offered to brokers
Summary
The city’s Community Improvement Corporation signed an option agreement to market the Fort Barbie property with a $100 option payment, a $350,000 minimum price and a 3% broker commission; letters of intent have been received, council was told.
The St. Marys City Council received an update that the Community Improvement Corporation (CIC) signed an option agreement to market the Fort Barbie property and is soliciting offers, the CIC representative said.
The CIC representative reported the option agreement included a $100 option payment to secure authority to market the property. The representative said she had met with the estate attorney for the partnership that owns the building and believes the executor has authority to act. The CIC approved offering a 3% broker commission to realtors who bring buyers, and the CIC set a minimum sales price of $350,000 to satisfy lien holders and recover city expenses and loans tied to the property. The representative said a letter of intent was received that day and another was expected.
The representative described an intention that, once the CIC obtains a valid offer, the CIC would briefly hold title and immediately transfer the property to the buyer to satisfy outstanding legal proceedings. Council members thanked staff for the work coordinating with the estate and lenders. No formal sale was completed at the meeting; the CIC has authorized marketing and commission terms.
