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Committee advances $750,000 offer to buy downtown parcels and end litigation; members voice concern over price and legal uncertainty
Summary
The committee forwarded an offer by Laurel Park LLC to sell several downtown parcels to the city for $750,000 and end litigation. Members questioned appraisal values, legal costs and the $71-per-square-foot figure; the offeror said the contract must close by Dec. 29.
The Finance and Administration Committee moved Resolution 25,198 to the full City Council after an extended discussion about a buyout offer from Laurel Park LLC that would convey multiple downtown parcels near 100 West Washington to the City for $750,000 and terminate ongoing litigation.
City staff summarized the package and noted that demolition of the condemned building had already occurred and that the city previously placed a $3,250,000 lien on the…
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