Committee approves resolution to authorize commerce‑center land-transfer proceeds
The committee approved a resolution authorizing the chairman to direct the IDA to transfer sales proceeds to CEDC after adjusting acreage and price; the motion passed by voice vote with no opposition recorded on the transcript.
The full story
The committee considered revised authorizations related to a Commerce Center land transfer after a new survey increased the parcel size from the originally anticipated 1 acre to 2.47 acres. Staff explained they recalculated fair market value, applied a 25% discount because the parcel is landlocked, and arrived at an estimated price of $84,000.
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