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Council approves $600,000 distribution plan from South of Maple Grove Apartments sale
Summary
Council approved a plan to allocate approximately $1.85 million in sale proceeds from the South of Maple Grove Apartments; $600,000 will be distributed to the Building Authority in three annual $200,000 payments starting this December.
Staff told the council that proceeds from the sale of the South of Maple Grove Apartments totaled about $1,850,000 and presented a proposed distribution plan. The recommended allocation included $600,000 to the Building Authority, to be provided in three annual $200,000 payments beginning in December of this year.
Council members asked about the sale total and closing costs; one councilor recalled a higher gross sale figure (around $2.2 million) with approximately $400,000 in closing costs, and staff confirmed closing costs had reduced the net proceeds to roughly $1.85 million. The council approved the disbursement plan by voice vote; staff said the payments to the Building Authority will begin in December and be paid annually for three years.
