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City discusses contract to sell 3021 Building at original purchase price
Summary
City staff reported a contract offer to buy the 3021 Building for $1,900,000 (the original purchase price), with a $5,000 nonrefundable earnest deposit, a $25,000 brokerage fee and a 48‑hour best‑offer break clause; council will take the matter up at Monday's meeting.
Staff (Speaker 9) told the council the proposed purchaser is offering the city’s original purchase price of $1,900,000 for the 3021 Building and would pay $5,000 in nonrefundable earnest money. Speaker 9 said the purchase contract includes a brokerage fee of $25,000 and a 48‑hour break clause allowing the city to accept a better offer if one appears; the buyer expects to spend about $2,500,000 renovating the property.
Speaker 9 said the city does not currently pay property tax on the building and that sale proceeds would restore the city’s purchase cost. Councilors asked clarifying questions about the 48‑hour break clause and whether the buyer’s price would have to be matched; staff said the clause applies to the contract price as written, not to a matching requirement.
The council agreed to place the sale on Monday night’s agenda for further consideration.
