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EDC narrows property-acquisition policy; mandatory reviews for purchases over $500,000
Summary
The board revised the EDC property-acquisition policy to require an appraisal and Phase I environmental assessment automatically for commercial/industrial parcels with purchase prices exceeding $500,000; purchases under $500,000 will be put to a vote for appraisal and Phase I separately.
David (speaker 4) led a review of the proposed EDC property-acquisition policy and proposed qualifiers to limit the policy to properties previously used for commercial or industrial purposes and to a dollar threshold. David said the board would vote on whether to order an environmental assessment and an appraisal prior to incurring those costs for properties meeting the criteria.
After discussion about who would pay for environmental studies and the practical coverage of a $100,000 threshold, a board member suggested raising the mandatory threshold and the board agreed to set a $500,000 threshold for mandatory appraisal and Phase I environmental assessment. David summarized the operational approach: "If the purchase price looks like it'll be over $500,000 mandatory appraisal and environmental phase 1. If it's under $500,000, we vote on it." He will draft a workflow chart, circulate edits and forward the policy to the city attorney for review.
