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Board approves sale of Park Avenue vacant lots after appraisal constraint; buyer agrees to 90% offer
Summary
The board approved Resolution 9-26 to sell vacant lots on Park Avenue after legal counsel required a commercial second appraisal for under-90% offers; the buyer agreed to pay 90% and the sale was approved by roll-call vote.
The board approved Resolution 9-26 authorizing the sale of vacant lots on Park Avenue after staff explained a legal appraisal requirement and the buyer agreed to the district's requested terms.
Kim explained the sequence: the district received an offer, countered in mid‑June and reached agreement, then consulted legal counsel. Counsel advised that after one year on the market the district may accept an offer below 90% only with a second commercial appraisal. The district's appraiser said a commercial appraisal could not be produced until September, so staff returned to the buyer and offered to accept payment at 90% or restart the appraisal process. "They came back with $2.74 5," Kim said while describing the buyer's decision to pay at the 90% level.
The board moved to approve Resolution 9-26, conducted a roll‑call vote (the chair called "Bridal, Alyssa?"), received aye responses and the motion carried.
Why it matters: The discussion shows legal constraints on accepting lower offers for property after extended listing periods and the practical trade-off districts face between additional appraisal delays and completing a sale.
Next steps: Staff will complete the sale transaction under the terms approved and finalize related legal and closing documents.
