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Committee approves land sale substitute after developer agrees to reimburse CDBG shortfall
Summary
The committee approved a substitute for the land-sale item (20250876) after staff reported the developer agreed to cover a CDBG funding shortfall; an amendment increased the purchase price by $496,537.10 so the city is repaid, producing a new purchase price of $3,044,050.70.
Committee members approved the substitute for the land sale (item 20250876) after staff reported the developer agreed to cover a CDBG funding shortfall and a committee amendment increased the purchase price to reimburse the city.
Staff summarized the substitute: revised parcel size (~2.49 acres), updated assessed value ($3,217,874.20) and purchase price ($2,547,513.60), and clarified that $496,537.10 of the purchase price repays prior CDBG funding. Ed Randolph (OED) reported the developer agreed to cover the CDBG shortfall and pay additional funds to ensure repayment; Randolph said the developer would pay roughly $3,000,000 for the property.
Council members then moved an amendment (the Boylan/Boiling amendment) to increase the purchase price by $496,537.10 so the city would be repaid for its CDBG disbursement; the amendment was restated in the record (new purchase price $3,044,050.70), passed, and the committee approved the substitute as amended by recorded ballot (7 yeas, 0 nays). The substitute includes a provision prohibiting transfer of the parcel to a tax-exempt entity and a three-year minimum ownership restriction (with limited foreclosure exception).
