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Council extends due diligence on 406 Washington purchase after environmental and appraisal disputes
Summary
After receiving a Phase I environmental report and seeing widely divergent appraisal numbers, Homestead council rejected a motion to terminate the city's purchase contract for the Goodyear property and instead approved an extension of due diligence to Feb. 27 to allow Phase II testing and a third appraisal; the companion CRA allocation was deferred.
City staff briefed council on Nov. 19 about the proposed purchase of the Goodyear property at 406 Washington, including a draft purchase-sale agreement, financing plan and an environmental phase I report delivered to the city that day. The agreement would have used up to $1,666,812 in debt with a $1,000,000 down payment proposed to come from CRA land-acquisition funds.
Council members expressed concern about two appraisals submitted during the acquisition process: one land-only appraisal that valued the site in the…
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