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RDA approves sale of 857 West 9th to Orem Estates LLC for $19,800
Summary
The Oshkosh Redevelopment Authority approved resolution 26-04 to sell city-owned parcel 857 West 9th to Orem Estates LLC for $19,800; proceeds will return to the city's CDBG program. Closing depends on resolving lateral/infrastructure findings; developer plans market-rate rental housing with construction hoped to begin in September.
The Oshkosh Redevelopment Authority voted to approve resolution 26-04, authorizing the sale of city-owned parcel 857 West 9th Avenue to Orem Estates LLC for $19,800, a price the staff said matches the market value established by the city assessor. Staff told the board that because the parcel was purchased using Community Development Block Grant (CDBG) funds, proceeds must be returned to the city's CDBG program.
"Orem Estates has offered $19,800, which is the market value established by the city assessor," a staff member said during the presentation. The buyer told the board the plan is to build market-rate rental housing on the site; the applicant, who identified themself as the builder, said the units would eventually be four-bedroom units and estimated market rent around $2,300–$2,400 per month.
Board members asked about timing. Staff said closing will depend on what staff find regarding lateral (utility connection) issues and that the potential buyers have been informed. "Closing will just depend on what we find out with the lateral situation," staff said; the developer and staff indicated a construction start target around September if the site-clearance issues are resolved.
The board first moved into a closed session to discuss the offer and then returned to open session to approve the resolution. The motion to approve the sale passed on a roll call with a 5-0 tally.
Next steps noted by staff include completing the engineering/utilities checks before closing and returning sale proceeds to the CDBG fund in accordance with federal requirements.
