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Council discusses purchase of vacant lot at 20 and Waverly and use of RDA funds to offset cost
Summary
Councilors discussed a signed purchase agreement for a vacant parcel at 20 and Waverly, agreed the president has authority under a prior resolution to effectuate the purchase, and directed staff to order title work and a survey; remaining RDA funds (about $372,000) may be used to offset purchase costs and close out a grant.
Council members discussed moving forward with a signed purchase agreement for a vacant parcel at 20 and Waverly and the related due diligence needed before closing.
A council member said the sellers signed and returned the agreement promptly and the council already has authority via a prior resolution to execute the agreement and proceed. The transcript records that the purchase price to acquire the property is $197,000 and that the council may use approximately $372,000 of remaining Redevelopment Authority (RDA) funds to offset the purchase and close out an older grant. The speaker said the RDA indicated that remaining funds could be applied and that the town would later submit documentation to receive reimbursement from the RDA.
The council discussed ordering title work and recommended a survey because no current survey exists for the parcel. The presiding officer and staff agreed to contact the title company used previously for quote and to order a survey so the town is not later surprised by boundary issues. A staff member noted the parcel is vacant and has not had structures built on it.
No formal vote to purchase the property was recorded in the transcript during this meeting; instead, staff and the president discussed administrative steps and the authority to effectuate the agreement under the existing resolution. The council did not record additional conditions or a formal allocation of RDA funds at this meeting; one speaker said the town will make the payment on the claim and then the RDA will reimburse the remainder.
