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Committee hears update on Banford Road property; staff to continue negotiating with highest bidder
Summary
Staff told the committee the Banford Road auction closed with six bids but none met reserve; the original high bidder remains interested and staff received consensus to continue negotiations and return with an agreement when ready.
County staff reported that an auction for the Banford Road property closed with six bids but none met the established reserve price. Staff told the committee the original highest bidder who earlier proposed an offer remains interested and staff requested direction to continue negotiations.
A staff member summarized the auction outcome: “The auction closed. We did our due diligence. We did receive 6 bids. None of them met reserve. We did reach out to the highest bidder who was the original proposer and they are still interested.”
Committee members asked whether an updated appraisal had been done; staff said they had an appraisal about four years old and that a new appraisal would cost several thousand dollars, so they had not ordered one. The committee also discussed the transparency of the process and the desire not to sell the property below appraised value.
The committee gave staff consensus to continue negotiating with the current high bidder and to return with a purchase agreement when negotiations are complete. No formal sale was approved in this meeting; staff will return with a signed agreement for committee or board action.
Next steps: staff will continue negotiations with the prospective buyer and bring a draft agreement back to the committee when ready.
