HomeMy WebLinkAboutPublic Auction DiscussionMEMORANDUM
TO: Susan Ross
FROM: Teresa Rozic
DATE: February 4, 2010
RE: Staff Report for February 8 Work Session — Executive Session
Public Auction
• Date: May 13, 2010
• Inventory — to be discussed at work session
• Staff Recommendation — Minimum Bid — to be discussed at work session
o Recent sales and/or DIAL data on real market value
o Historic practice for non -buildable Tots
• Brokers Price Opinion ordered for four properties — to be discussed at
work session
• Staff Recommendation — Terms
o Cash or Cashier's Check
o Installment Contracts — 2 options
• Equal payments over 10 years
• Or down payment and second/final payment in 30 days
• Over $25,000 sales price
• 20% nonrefundable down payment
• 5% interest rate (January prime is 3.25%)
• In March, Teresa will hold open houses for two properties — advertise in
local real estate section.
• Present Order to Board at February 24th business meeting
• Begin public notice April 7th
Need Board direction to Staff:
• Approve inventory but give staff authority to remove parcels after internal
review is complete
• Set minimum bids at 80% of Broker's Price Opinion and accept staff
recommendations on balance
• Prepare Order Authorizing Sale on the terms recommended by staff
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