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Vonage-lot closing stalled by prior SBA lien; lien release recorded but county filing pending
Summary
The EDA reported progress on the sale of a city-owned lot to a buyer known colloquially as the Vonish/Vonage purchaser: the SBA-related lien release has been obtained but not yet recorded at the county, and staff will return with a recommendation on any renegotiated price or terms.
The board received an update Jan. 22 on a long-pending sale of a city-owned lot (the "Vonage" lot). Board members said an interested purchaser submitted a purchase order several years ago, but the sale stalled due to a neighboring property’s U.S. Small Business Administration (SBA) mortgage that affected the lot lines.
Staff reported the SBA lien release for the neighboring parcel has been obtained and the remaining administrative step is to record the release with the county recorder. Once recorded, staff said the buyer remains interested and the EDA can proceed to closing and settlement. The recorded lien release will allow closing to move forward, staff said.
Board members agreed the purchaser has used the lot in the interim and that prior use and any informal storage or structures should be considered when finalizing purchase price or closing terms. Staff said they would pull the original purchase agreement and propose any renegotiated terms, if necessary, for future action.
No final price adjustment was made at the meeting; staff will prepare a recommendation and present closing documents when the county recording is complete.
