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EDA debates sale strategy for remaining city lots, keeps package discount option on the table
Summary
Board discussed options to sell remaining city-owned lots, including taking a Forks Builders lot back, splitting realtor commission, and soliciting proposals; staff will inform interested parties of the existing 10% bulk discount and bring formal offers or an RFP process back to the board.
The East Grand Forks Economic Development Authority spent a major portion of its Dec. 10 meeting discussing strategies to sell the city’s remaining residential lots and how best to handle a lot held by Forks Builders.
Staff said Forks Builders holds one lot under a $1,000 earnest-money arrangement but that the city absorbed settlement-related costs totaling roughly $3,500 when the transaction was recorded (about $3,000 in realtor commission and roughly $500 in recording/closing fees). Forks Builders has asked whether the city would take the lot back or otherwise alleviate the company’s carrying costs so the builder can clear the property from its books.
“Part of that was the commission to the realtor that was paid,” staff said when describing the…
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