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City accepts $264,703 offer for East Interstate Service Road parcel; P3 deferred
Summary
After an appraisal and upset-bid process, Graham Council approved sale of a 5.5-acre city parcel on East Interstate Service Road to Martin Properties for $264,703 and directed staff to continue exploring P3 and subordination options in parallel.
The City of Graham accepted a prevailing offer of $264,703 from Martin Properties ACNC, LLC for the 5.5-acre parcel on East Interstate Service Road after an appraisal and upset-bid process.
City Manager Frankie Maness reported that the City has approximately $335,000 invested in the parcel acquired in 2009; the appraisal returned $266,000 and the prevailing upset bid was $264,703. Council discussed alternatives including a Public-Private Partnership (P3) to build an industrial spec building on the site. After public comment and review, the Council accepted Martin Properties' offer and authorized the City Manager, City Attorney and City Clerk to effectuate the sale.
Why it matters: The property had been marketed for several years, and staff had proposed a P3 development to increase the parcel’s utility. Council’s action sells the property in the near term while staff will still prepare a draft P3 plan and a subordination framework should future opportunities appear.
