Title
Resolution to Approve Sale of City-Owned Property at 350 S. Fifth to Dennis A. Dahlmann (8 Votes Required)
Memorandum
On March 4, 2013, City Council directed the City Administrator to execute a contract for services with a real estate broker for the sale of 350 S. Fifth Avenue. City Council found the real property was no longer needed for municipal or other public purposes. City Council requested sale proposals so that all available options for sale of the property be known when City Council considers the payment of the City's $3.5 million financial obligation for the property. A balloon payment of the loan principal is due December 16, 2013.
Selling the property will reimburse the General Fund for 350 S. Fifth Avenue for related expenditures, increase funding for the City's Affordable Housing Trust Fund and add to the City's tax base.
Colliers International was selected as the real estate broker. The deadline for submitting purchase proposals was October 18, 2013, and five proposals were
received. The offers from Dennis Dahlmann (“DAHLMANN”) and CA Ventures were the strongest of the five proposals received. The City Administrator recommend City Council authorize negations with DAHLMANN.
Council approved Resolution to Authorize the City Administrator to Negotiate a Sales Agreement for the City-Owned Property at 350 S. Fifth, R-13-331, on November 7, 2013. The Resolution stated that the purchase agreement should be provided for consideration at the November 18 City Council meeting.
The proposed sales agreement is attached for Council’s consideration. The agreement meets all of the policy objectives set by City Council in resolution R-13-331. With City Council approval tonight, the sale can close by December 31, 2013.
Colliers International, the City’s real estate broker, will be attending tonight’s meeting if there are questions regarding the sale.
Staff
Prepared by: Steven D. Powers, City Administrator
Sponsored by: Mayor Hieftje and Council...
Click here for full text