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Council approves sale of two EDA lots facing Central Park after public hearing
Summary
The Tracy City Council approved the sale of two Economic Development Authority (EDA) lots at 349 2nd Street and 361 Second Street after a public hearing; the accepted purchase agreement sets the price at $7,500 per lot and staff said a developer agreement and a November closing are expected.
The Tracy City Council on Oct. 28 approved the sale of two city-owned EDA lots that face Central Park, voting to accept a purchase agreement that staff said sets a price of $7,500 per lot.
Tom, who presented the EDA’s recommendation, told the council the lots had been cleared years ago and relisted; the city initially received an offer of $5,000 per lot and the EDA countered at $7,500, which the purchasers accepted. “We received a purchase agreement for those initially for 5,000 each and … the overwhelming [response] was to counter at 7,500; that counter was accepted by the purchasers,” Tom said.
Tom told the council the city will ask the city attorney or Matt Gross to draft a developer agreement. Staff said construction could begin next spring on one or both lots and that the purchase should close in November.
Council closed the public hearing, moved the sale for final action and approved the motion at roll call. Staff said the sale will be followed by a developer agreement that will outline timing (a two-year development expectation was discussed) and any conditions attached to the closing.
The council did not provide individual vote tallies in the discussion; staff confirmed the motion passed and the sale will proceed to closing per the accepted purchase agreement.
