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Polk City authorizes RFP for 510 South 3rd Street; staff estimates property value at $451,000
Summary
Council approved an RFP for the city-owned 510 South 3rd Street site with a submission deadline of June 3 and a council review scheduled June 8; staff estimated fair market value at $451,000 but recommended a formal appraisal if needed.
Polk City — The Polk City Council on May 11 authorized staff to issue a request for proposals for development of city-owned property at 510 South 3rd Street (also described as the 3rd & Davis property).
Chelsea, who presented the item, said the RFP is largely a rework of a 2-year-old solicitation and targets developers with a submission deadline of Wednesday, June 3; the council will consider proposals on June 8. A mayor-appointed committee of elected officials and staff will review proposals, may interview developers and request presentations.
Staff included an estimated fair market value in the RFP materials based on comparable Polk City sales: $451,000 total, or roughly $153,000 per acre. Chelsea said the council would likely still need a formal appraisal but that a sufficient number of proposals could establish market value without a separate appraisal.
Council approved the RFP authorization by roll call.
Why it matters: Authorizing an RFP starts the competitive process to develop a city parcel. The staff estimate provides an initial valuation for bidders and the June deadlines set a near-term timetable for developer responses.
Next steps: Issue the RFP, receive proposals by June 3, committee review and council consideration on June 8. Staff said it will return with additional valuation or appraisal information if needed.
