BACKGROUND/DISCUSSION:
Mearl McBee, the owner of a 3.903 acre tract of land in the southwest corner of Willow Creek Park, has expressed an interest in selling the tract to the City. The property is described in a survey attached to this memo.
Staff initiated an appraisal with Tom Kyser, SRA, MAI, a Real Estate Appraiser. The appraisal for the property was $595,100 or $3.50 per square foot. The appraisal was done fee simple title (surface estate) without title report or environmental assessment. Mineral interests would be retained by the seller.
Mr. McBee offered to sell the property for $485,000 or approximately $2.85 per square foot.
If approved the property will come with a title policy at closing.
FINANCIAL IMPACT:
Total Fiscal Impact is $485,000 plus closing costs. Funding will come for Fund Balance.
RECOMMENDATION:
It is recommended that the appropriate closing documents be executed by the City and that the property be purchased from Mr. McBee for $485,000 plus closing costs.