Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City manager reports progress on Burns Building purchase talks; staff proposes $9.3M purchase with $2.7M sinking fund and $650K annual condo dues
Summary
City Manager Castro reported progress negotiating the purchase of two floors in the Burns Building, proposing a $9.3 million purchase price with $2.7 million placed into a condo sinking fund and annual condo dues of about $650,000.
City staff reported substantive progress in negotiations to acquire two floors of the Burns Building for a consolidated City Hall.
City Manager Castro told the Committee of the Whole on Aug. 4 that the city’s appraisal for the two floors is $9.3 million and the seller’s asking price remains $12 million. Under the terms Castro described, the city would pay $9.3 million as the purchase price and place $2.7 million into a sinking fund for future major capital needs controlled by the condominium association. The association dues the seller outlined were described in the meeting as roughly…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
