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City discusses Strong's property sale; staff to reconcile management contract and requested prorated rent
Summary
Officials said Strong's property has been sold and is no longer managed by 4th Street Management; the city reported a 1% payment already made and that the property manager had requested $20,000 in prorated rent and deposits, which staff will double-check before approving.
Under old business at the Jan. 21, 2025 Board of Works meeting, officials reported that the Strong's property has been sold and is no longer managed by 4th Street Management.
City staff said one payment of 1% had already been made under the prior arrangement. The property manager subsequently submitted a request to withdraw $20,000 from a city account, described in the meeting as prorated rent for the remainder of the month plus deposits. Staff asked Jamie to double-check the calculations; the board said it will act to approve the payment after verifying the numbers and reviewing closing documents, which staff agreed to provide.
The manager also said a revised management agreement would be sent to the city to reflect that 4th Street Management will manage fewer properties and that the compensation will be prorated accordingly. The council did not take a formal vote on the requested $20,000 at the meeting; staff were directed to validate the figures and supply documentation for subsequent approval.
