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Board debates sale of East 40th Street parcel after $53,000 high bid; decision deferred to voting meeting
Summary
Finance committee reviewed two bids for district property on East 40th Street, reported the high bid at $53,000, and discussed zoning, prior appraisals and the legal risks of rejecting the award; the board deferred a final decision to the next voting meeting.
The Finance and Audit Committee reviewed bids for a district-owned parcel on East 40th Street at the Dec. 3 Committee of the Whole and discussed whether to accept the highest bid or keep the property for possible future district uses.
Committee members said the highest bid received was $53,000 from James Flood. A board member noted a prior appraisal for the site of approximately $100,000, but said that appraisal assumed a cul-de-sac configuration that may no longer be feasible. Solicitor Sharon Montaigne warned the board there could be minor legal risk if it rejects an awarded public bid after bidders have relied on the auction, and advised careful legal review before walking away from the sale.
One board member said he was not in favor of selling at the low price, arguing the district could retain the parcel for future needs; others said the proper procedural step is to take the matter to the voting meeting and decide there with full disclosure and counsel input.
What’s next: administration will present the item at the Dec. 16 voting meeting with legal research and recommendations; no final sale decision was made on Dec. 3.
