Sale of City-owned property at 515 E Bowen Ave to Landex Holding Company LLC

Summary

The City Council is considering the sale of a city-owned property located at 515 E Bowen Ave to Landex Holding Company LLC for $90,000. The buyer plans to construct a three-unit, three-bedroom/two-bathroom masonry building with a three-space surface parking lot. The property's market value was assessed at $86,840, and the estimated project cost is $860,582. The sale is contingent on the buyer obtaining necessary permits and finalizing construction plans, with a 60-day closing period after ordinance approval.

Citizen Impact

This sale will result in the development of new housing units on a currently vacant city-owned lot.

Confidence

high