Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Real Estate topic
No spam. Unsubscribe anytime.
Council approves sale of former Family Advocates duplex at 210 North Bonson Street for $161,000
Summary
The Platteville Common Council accepted a $161,000 purchase offer from Loffenberg and Larson Properties for 210 North Bonson Street after staff recommended the straightforward purchase over a higher land-contract bid that posed administrative and foreclosure risks.
The Platteville Common Council voted Jan. 14 to accept an offer from Loffenberg and Larson Properties to purchase the city-owned duplex at 210 North Bonson Street for $161,000.
City staff reported five bids for the former Family Advocates property. The apparent highest bid came as a land-contract proposal from Tyler Beers that would have required a 10% down payment, monthly payments and a large balloon payment after five years. Staff recommended the Loffenberg and Larson purchase because it is a conventional, immediate sale without the administrative burden and foreclosure risk of a long land contract.
After a short round of questions about closing timing and tax assessment treatment, a councilor moved, a second was recorded and the council approved the sale; the chair announced the motion carries.
Staff said a closing would follow after the city's attorney prepares deed documents and noted the property will be assessed as of Jan. 1 for property-tax purposes.
No additional conditions or redevelopment requirements were specified in the council motion.
