COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Stuart Schmeling, Community Investment Department
SUBJECT:Title
Award Bid for the Sale of City Owned Tract 2278, Block 9, Lot 10, APN: 115-06-158, Located at 1830 Cabana Drive, to AP Mortgage Route LLC (Stuart Schmeling)
Body
FUNDING SOURCE:
N/A
PURPOSE:
To award a bid for the sale of the city owned property Tract 2278, Block 9, Lot 10, APN 115-06-158, 1830 Cabana Drive, to AP Mortgage Route LLC, in the amount of $137,850.25.
BACKGROUND:
In August of 2018, Select Financial Group LLC submitted an application to the Community Investment Department requesting to purchase a City owned property located at 1830 Cabana Drive. The City parcel is currently zoned R-1, Single-Family District. Through our review program, staff determined the property had no government purpose and subsequently acquired an appraisal of the property for market value to establish a minimum bid for the property.
The appraisal valued the property at $135,000, anticipating residential development. The appraisal summary statement is provided as an attachment. A copy of the entire appraisal is available in the Community Investment Department.
Sealed bids were accepted through March 27, 2019, at 3:00 pm. The City received one bid in the amount of $137,850.25 from AP Mortgage Route LLC.
The property is currently zoned R-1, Single-Family District and can be developed as a single-family home.
COMMUNITY IMPACT:
One additional residential property on the tax roll to encourage residential development.
FISCAL IMPACT:
Revenues generated in the amount of $137,850.25 from the sale of public property.
ATTACHMENTS:
Bid Sheet
Appraisal Summary
Site Location Map
SUGGESTED MOTION::Recommended Action
I move to award the bid for the sale of City Real Property Tract 2278, Block 9, Lot 10, APN 115-06-158, in the amount of $137,850.25 to AP Mortgage Route LLC.