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Meeting Date: February 13, 2001

Subject/Title: Sale of Property at 900 Minnesota Avenue

Submitted by: Jon Elam, City Manager

Approved by: Jon Elam, City Manager

Approve the offer of $205,000 from Doug Jacobs for the purchase of the City owned parcel at 900 Minnesota Avenue and authorize the City Manager to execute all necessary documents related to the purchase.

The City approved the purchase of this property at the December 28, 1999 Council meeting to secure right-of-way on Minnesota Ave. near the Sand Creek.

The City has had this property on the market for several months. We have received several offers below the City’s value. This week the City received the attached offer from Doug Jacobs for $205,000. Mr. Jacobs intends to remodel the property and expects to apply for the necessary permits to create a day-care center.

This property turned out to be in extraordinarily poor condition. City staff over the months had to undertake many maintenance actions, from taping a leaking roof to fixing badly warped tiles. The economics of this deal balance out against our acquisition cost of $250,000 with the offset costs for the easements and related legal costs saved. Staff recommends the proposed sale.

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