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Commission accepts unsolicited $280,000 offer for city lot at 1309 Chestnut Avenue
Summary
The commission approved an unsolicited $280,000 purchase offer for a city‑owned parcel at 1309 Chestnut Avenue, a parcel the agenda showed is also part of an open auction; staff said the buyer offered to reduce the auctioneer’s buyer premium from 10% to 7%.
The Panama City Commission on May 27 approved an unsolicited offer from a private buyer to purchase the city‑owned parcel at 1309 Chestnut Avenue for $280,000, staff said. The vote was 5-0.
Assistant city staff told the commission the parcel (0.45 acres) is one of three adjacent lots the city had placed for open auction with a June 4 deadline; the auctioneer estimated the specific parcel’s value at approximately $250,000–$275,000. The buyer — listed in meeting materials as Taba Properties LLC — submitted an unsolicited offer that staff said exceeded the auctioneer’s estimate and proposed reducing the buyer’s premium from 10% to 7% if the commission accepted the direct sale.
Staff recommended the commission provide direction on whether to accept the unsolicited offer or proceed with the planned auction. Commissioners approved the direct sale at the meeting.
Staff noted the parcel is commonly used for additional parking by adjacent businesses; the approved sale allows the buyer to expand parking behind existing commercial operations rather than creating vehicle access on the Bank Avenue frontage. The auction of the three parcels will continue for the remaining lots through the published deadline where applicable.
Commissioners voted unanimously to accept the offer during the meeting.
The commission directed staff to complete the sale under the proposed terms and requested staff confirm any transactional details with the city’s contracted auctioneer and close according to municipal sale procedures.
