HomeMy Public PortalAboutAB 18-298 Mission Street Property - Purchase of Sale Agreement
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 18-298
Meeting Date November 29, 2018
AGENDA ITEM INFORMATION
SUBJECT:
Request for Approval of a Real Estate Sale and Purchase Agreement between Idaho Trust Bank, William Keller Co-Trustees, Brown Family 7 Trust UAD 12/10/97 and the City of McCall for 250
Mission Street Property
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
$40,000 + closing fees
Parks and Recreation
Originator
FUNDING SOURCE:
Reserved Future Capital – General Funds
Airport
Library
TIMELINE:
November 29, 2018
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
After meeting with City Council during the October 11 Council meeting, staff would like to move forward with the purchase of the property on Mission Street. The appraised value of the
property (Lots 11 – 24, Lot 25, Lots 26 -29, Block 2, Riverside Sub.) as of August 06, 2018 was $42,000 based on a reconciled value estimate towards the mid range of comparables at
$.75 per square foot. Because of the topography and current condition of the site, the City offered a purchase price at the lower end of the comparable values of $.67 per square foot
rounding up to $38,000 and sharing the cost of the closing fees with the seller 50:50. Upon further negotiations, a price of $40,000 was agreed upon. See attached Appraisal of Real
Property. (Page #2 – sales comparison approach)
The property in discussion is, for the most part, inaccessible from the public Right of Ways to the North and South and is bordered by private property on the East and City owned property
(Riverfront Park) to the South. The property has value to the city for snow storage, public works activities, and possibly future park development.
Sufficient funding has been identified and is available in the general fund under reserved future capital. This investment would not impact already budgeted capital projects for FY19.
The attached Real Estate Sale and Purchase Agreement has been reviewed by the City Attorney. The Idaho Addendum to Real Estate Purchase and Sale Agreement is also attached.
RECOMMENDED ACTION:
Approve the Real Estate Sale and Purchase Agreement between Idaho Trust Bank, William Keller Co-Trustees, Brown Family 7 Trust UAD 12/10/97 and the City of McCall for the 250 Mission
Street Property and authorize the Mayor to Sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION