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Committee backs land purchase using sewer development fees; $40,000 deposit deadline noted
Summary
The committee voted 3–0 to recommend resolution 25‑68, approving staff to proceed with a planned land purchase to be funded from the Sewer Development Fees Fund and noting a $40,000 deposit extension due by March 10.
The Budget and Finance Committee on March 3 voted 3–0 to favorably recommend resolution 25‑68, a land-purchase action staff said the city can afford using sewer development fees.
Mr. Allen summarized the packet and said staff recommends assuming a developer’s purchase position and paying cash from the Sewer Development Fees Fund, with the purchase rolled into Budget Amendment 3. He said the city has “ample reserves in there to facilitate that.”
Allen said a $40,000 deposit-extension payment is due by March 10 to fulfill the assignment portion of the purchase agreement; if the committee approves, staff would make that deposit and finish title work to show the property in the city’s name. Allen said the property totals about 155–156 acres.
Committee members asked about timing and due diligence. Staff said budget authorization would likely come through Budget Amendment 3 in April and that closing would most likely be targeted for June. Mr. Limbaugh asked whether any major due-diligence findings would be returned to the board; Allen said staff would only bring an item back if a “major issue” arose.
Vice Mayor Palmer said he spoke with the developer and described “that price, 77,000” as a favorable rate; the transcript does not specify whether that number was a per-acre figure or another unit. The committee moved to recommend the resolution and approved the motion 3–0.
If approved by the Board of Mayor and Aldermen, staff said they would complete closing steps and incorporate the purchase into an upcoming budget amendment.
