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City reports $1 million in proceeds after Memorial Park lot auction; housing to follow
Summary
Mayor reported a June 25 live auction selling 28 Memorial Park lots—sales ranged from $30,000 to $42,000 with an average near $35,000—raising roughly $1 million; purchasers must obtain planning approvals and about one-third of the site is intended for senior/assisted housing pending tax credits.
The mayor told the council that a live auction on June 25 sold 28 single-family lots in the Memorial Park development, producing roughly $1,000,000 in gross proceeds.
"We auctioned 28 lots. The lowest lot sold for $30,000... The average sale price was $35,000. The maximum sale price was $42,000," the mayor said, adding that the city’s minimum asking price had been $8,500 per lot. Construction can begin only after purchasers obtain planning and development approvals.
The mayor said about one-third of the development is planned for senior housing/assisted living, but added that tax-credit financing needed for that portion stalled and sponsors plan to reapply next year. He thanked council members and the economic-development staff for the result.
Why it matters: The sale brings near-term revenue into city coffers and advances residential development. The transcript does not include details about buyer identities, net proceeds after costs, or the city’s specific next steps beyond plan approvals.
What council asked: Council members asked about the number of homes (confirmed at 28) and the status of site infrastructure; the mayor confirmed utilities and retention ponds are in place and said construction awaits plan approvals.
