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Council approves LOI to sell Northwest Corner parcel on Tower Road and Ridge Road for $767,000
Summary
After required public-posting and appraisal, the council approved a letter of intent to sell city-owned property on the northwest corner of Tower Road and Ridge Road to JGN Valley Landco LLC for $767,000 (above the $750,000 base bid and the $728,000 appraisal). A formal contract will follow in the new year.
Staff reminded the commission that state law required posting the property for 30 days and reported one offer was received from JGN Valley Landco LLC. An appraisal set value at $728,000 and the city set a base bid of $750,000; the submitted offer totaled $767,000, which staff said exceeds the base price and appraisal.
Council approved the letter of intent for the sale by voice vote and staff said a final contract will be returned to the council early in the new year. Commissioners asked whether rezoning or traffic-signal obligations were included in the agreement; staff said planning would handle any required zoning actions and that the EDC will cover any traffic-signal costs tied to the purchase.
Quote: "The sale of the property will be for $767,000," the city manager said in presenting the item.
What happens next: Staff will prepare a formal purchase contract for council consideration in early 2026 and coordinate any zoning or traffic improvements associated with the sale.
