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Attempting to renegotiate with Mr. Pomroy would result in one of two scenarios. First, the City yields <br />a premium. Two, Mr. Pomroy decides he no longer wants to negotiate, and would rather wait until the <br />Subject Property is opened to the general public. In either case, the City loses tax revenues (until the <br />property is sold) and takes the risk of getting offers less than $40,000--which is not unrealistic. <br />NOTE: More specific information regarding this explanation can be provided at the closed session <br />meeting (if needed). <br />3. Open the sale of the Subject Property to the general public <br />Attempting to sell the Subject Property to the general public would yield a small premium (best case <br />scenario). However, opening to the general public would likely require the use of a real estate agent; <br />and subsequently a commission fee. In the end, the City would "net" a similar revenue, or potentially <br />even less than the standing offer. <br />Additionally, the longer it takes to sell the Subject Property the greater the tax revenue loss. <br />Funding Source: <br />NA <br />Council Action: <br />Staff Recommendation: Accept the standing offer of $40,000 from David Pomroy to purchase the Subject <br />Property. <br />NOTE: staff will bring forward a purchase agreement and required ordinance to sell publicly owned land at the <br />next regular City Council meeting. <br />Notification Letter 1 <br />Notification Letter 2 <br />Notification Letter 3 <br />Notification Letter 4 <br />Notification Letter 5 <br />Property Profile <br />Appraisal (49K) <br />Findings (Windsorwood) <br />Rezoning Ordinance <br />Disposition Policy <br />Written Offer <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Bill Goodrich Kathy Schmitz 01/03/2013 08:35 AM <br />Kurt Ulrich Kurt Ulrich 01/03/2013 03:47 PM <br />Form Started By: Patrick Brama Started On: 01/02/2013 02:34 PM <br />Final Approval Date: 01/03/2013 <br />