City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 4, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
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Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance to Sell City Property at 200 North Royal Street.
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ISSUE: Consideration to sell City-owned real estate at 200 North Royal Street.
RECOMMENDATION: That City Council pass the ordinance on first reading, and schedule it for second reading and final passage at Council's hearing on Saturday, September 21, 2013.
DISCUSSION: Staff recommends that City Council authorize the City Manager to sell 200 North Royal Street to Murray Bonitt for $1,250,000 contingent upon 9.06 approval.
The property at 200 N. Royal Street was initially listed at $1,400,000; appraised at $1,200,000; and assessed at $1,127,916. After actively marketing the sale of the property, Realtor Christopher Campagna provided General Services with a summary of the three initial offers that were received from potential buyers with offers ranging from $1,127,916 to $1,200,000, or 14 to 19 percent below the list price. Following a discussion with City staff regarding the offers, the decision was made to issue a counteroffer of $1,250,000 on behalf of the City to the three offerors. Following the receipt of counteroffers, which resulted in offers ranging from $1.2 million to $1.25 million, and additional interest and inquiries from other potential buyers who had not yet submitted an offer, the decision was made to provide all of the potential buyers the opportunity to submit their best and final offers with a deposit of 5 percent per the City's Real Estate Disposition Policy, no later than Wednesday, December 5, 2012 at 3:00 p.m. On December 5, 2012, the City received best and final offers from three potential buyers rangi...
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