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Supervisors pause purchase of 1995 Evans Street after appraisal gap raises questions
Summary
The committee continued a proposed acquisition of 1995 Evans Street, intended to house the city's crime lab and traffic investigations, after budget analysts flagged a $4.1 million gap between the negotiated purchase price ($15.475M) and a CBRE appraisal ($11.36M). The committee instructed further negotiation and continuation to the call of the chair.
John Updike, director of real estate, told the committee the city had negotiated a purchase price of $15,475,000 for 1995 Evans Street to relocate the crime lab and traffic investigations from seismically vulnerable facilities. Updike said due diligence, including soils testing and CEQA, did not reveal extraordinary soils issues and that the negotiated price reflected…
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