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Neighborhoods Committee approves sale of Armory property with repayment and transfer restrictions
Summary
After extended debate about price, remediation costs and past CDBG funding, the committee approved the sale of the Armory building with conditions including repayment of $496,537.10 to CDBG and a three-year transfer restriction (5–1).
The Neighborhoods Committee approved a substituted agreement on Jan. 5 to sell the city-owned Armory building and surrounding parcel, after a lengthy discussion about purchase price, remediation costs and how previously dispersed Community Development Block Grant (CDBG) funds will be repaid.
Staff described the substitute as reducing the parcel to about 2.49 acres, updating the in-progress assessed value to $3,217,874.20 and setting the purchase price at $2,547,513.60. Phil Peterson, speaking for staff, said $496,537.10 of that purchase price will be used to repay prior CDBG funding rather than being deposited into the Jacksonville Recreational and Environmental…
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