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<br />~ <br /> <br />- <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: Rick Foster Property <br /> <br /> <br />By: Sean M. Sullivan, Economic Development <br />Coordinator <br /> <br />Background: <br /> <br />Staff was directed at the December 28th, 2006 City Council meeting to get an appraisal of <br />the subject property and to report its findings. Staff was also directed to investigate <br />purchasing this parcel for future redevelopment. The appraisal is complete and the value <br />for the property is $400,000. The total parcel area is 68,041 square feet and 38,041 (55%) <br />of that total is considered lowland for appraisal purposes. This leaves a net usable area of <br />30,000 square feet (.69 acres) and when calculated it comes to $13.33 per square foot of <br />usable land. It was previous thought that Lord of Life Church might be interested in this <br />parcel as part of a swap of the re-alignment of Highway 47. Recent discussions with the <br />Lord of Life church have determined that the church no longer has interest in this parcel. <br />Staff has no recommendation on the purchase of this parcel but does feel that the net <br />$1333 per square foot price is very high. <br /> <br />Action Statement: <br /> <br />Based on discussion <br /> <br />CCWS: 03/20/2007 <br />