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Board approves nonbinding letter of intent for sale of 5175 Murfreesboro Road; appraiser cost and buyer cited
Summary
The board approved a nonbinding letter of intent for the prospective sale of city-owned property at 5175 Murfreesboro Road. City staff discussed a potential reappraisal cost and said the prospective buyer, Zaxby's, had committed an LOI.
The La Verne Board of Mayor and Aldermen approved a motion on Feb. 4 to authorize a nonbinding letter of intent relating to the prospective purchase and sale of city-owned property at 5175 Murfreesboro Road. The property was described on the record as being offered to Guernsey Holdings / ZRC PropCo LLC, and the discussion included appraisal timing and market considerations.
During discussion board members said city staff consulted an appraiser who estimated a reappraisal would cost about $3,500 and that the probability the property would appraise materially higher was low. Board members also said the interested business, identified in the discussion as Zaxby's, had submitted a letter of intent. One board member cautioned that delaying the sale to seek a new appraisal could risk losing the prospective buyer and incur the appraisal cost, while another asked for assurance the sale would be at appraised value.
The board voted on a motion to approve a nonbinding letter of intent concerning the prospective purchase and sale of the property located at 5175 Murfreesboro Road (buyer: Guernsey Holdings, ZRC PropCo LLC). The motion was seconded by Alderman Coates. Roll-call votes recorded in the transcript show Alderman Hobbs voting no and Alderman Coates, Alderman Haas, Vice Mayor Noe and the Mayor voting yes; the motion passed with a 4–1 tally.
Ending: The mayor said the city is selling the property for appraised value and the motion passed; no further contract or closing details were presented at the meeting.
