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Home My WebLink AboutResolution No. 2006-15~ ~/~-~o~ Suggested by: City Administration CITY OF KENAI IZESOLUTION NO. 200fs-15 A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, APPROVING THE SALE OF TWENTY-SIX LOTS IN INLET WOODS SUBDIVISION TO HALL QUALITY BUILDERS, INC. (WITH A 10% DISCOUNT FOR CASH) FOR $317,700. WHEREAS, a written request has been received from Hall Quality Builders, Inc. to purchases twenty-six lots in Inlet Woods Subdivision for ~i317,700 (with a 10% discount for cash); and, WHEREAS, Ordinance Nos. 1849-2000 and 1904-2001 (for Lot 12, Block 13), determined the properties were not required for a public purpose and could be sold; and, WHEREAS, tYiese properties were included in cornpetitive bid sales on June 5, 2000 and August 6, 2001 (for Lot 12, Block 13), at the minimurn bid (fair market values); and, WHEREAS, no bids were received; and, WHEREAS, to date there have been no other offers to purchase the parcels at the fair market values; and, WHEREAS, KMC 22.05.040(e) states the following: If no offers are submitted meeting the minimum acceptable offer (or appraised valuation), the City Manager may negotiate for sale of said tract or tracts of land with a modification of proposed terms or for less than the appraised valuation provided that no such negotiated sale for less than appraised value shall be binding upon the City unless the terms and price therein are approved by resolution of the City Council. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, the Council approves the sale of twenty-siY lots in Inlet Woods Subdivision to Hall Quality Builders, Inc. (with a 10% discount for cash) for $317,700, as listed on Attachment A. PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this fifth day of April 2006. PAT PORTER, MAYOR ATTEST: Kari Mohn, Temporary Deputy City Clerk Approved by Finance: (3/30/06) kh I~L~ AJ,~s~~~~ PCI~'~~~~ °~ ~~~~~ ~~~~ ~6t~~¢l~ds'd~i~ ~ Eeg¢l ~ lYlinimu~ ,4sse,ssed P~escriptlor2 par~~~ pg> ~~~ce Vrrkaee ~cres ,StreetAtltlress BLOCK 61 LOT 03 410t339 $13,500.00 ~13,000.00 0.26 1605 V/OODSIDE rIVE BLOCK 02I.OT 07 4101336 $12,QOO.OQ $13,000.00 018 1065 CHANNEL V/Y BLOCK U3 LOT OlA 4101360 $26,500.00 $18;200:00 0.46 1003 iNLET WOODS DR BI,OCK 03 LOT 03 4101303 $f3,000A0 $13,000.00 0.22 1005 INLET WOOt~S DR BLOCK 03 LOT 05 4107305 ~13,000.00 ~13,000.00 0.20 1101 LL~EWARD DR BLOCK 03 LOT 09A 4101361 $25,00090 $18,200.00 0.44 1515 WINDWARD DR BLOCK OS LOT 09 4101326 $13,000.00 $13,OOQ.06 0.21 1100 CHANNEL WY BLOCK06LOT02 ~4?OI245 $k2,506.00 ~11,7Q6.0~ Q.25 t265PORTSIDEDR BLOCK 07 LOT 6f 4102222 $12,000.00 $11,760.00 0.23 1515' WEDGEWOOD DR BLOCK 07 LOT 02 4101223 $11,500.04 $11,700.00 0.21 1513 WP.DGEWOOD DR BLOCK 07 LQT 03 4101213 $12,000.00 $I1,700.00 0.20 I51 I WEDGEWOOD DR BLOCK 07 LOT 07 410121'7 $12,000.00 ~11,700.00 0.23 1202 CIIANNEL 4VY BI.OCK 07 LO"C 09 4101219 $13,000.00 ~13,000.00 0.7.2 1203 BQIIII~TOX WY BLOCIC08LOT08 4t01207 $13,SOO.OQ ~11,700.00 0.25 f2C9C1iANN~LV/Y ~ BLOCK 08 LOT 04 4101208 $13,000.00 $11,?00.00 0.21 ]Z1; CHANNEL WY BLOCK 08 LOT 10 4101209 $]2,000.00 $I1,700.00 0.23 I213 CHANNEL WY BI,OCK 0& LOT I1 4101210 $12,000.00 $11,700.00 0.22 1215 CHANNEL WY BLOCK 12 LOT 02 4t01231 $12,000.00 $11,700.00 0.23 1402 EQUINOX WY BLOCK 12 LOT 03 4101232 $13,SOOAO ~11,70Q.00 0.27 1404 EQUINGX WY BLOCK 12 LOT 04 4101234 $13,000.00 nI1,700.~J0 0.22 ~ 1606 I'WILIGIIT WY BLOCK ]3 L01' 04 4101343 $13,000.00 $13,000.00 0.24 1006 CHANNEL W'i' BLOCK 13 LOT 11 4101350 $13,000.00 $13,000.00 0.20 I108INLET WOODS DR BLOCK 13 LOT 12 4101243 $13,000.00 $f3,000.00 0.27 1110INLET WOODS DR BLOCK 13 LOT 14 4101241 $I2,000.00 $13,060.Q0 0.22 1202 P6RTSIDE DR ~-~ ~~~: ~ ,~,~:: Wednesrlny, Marc6 29, 2006 ~:~~„~~~ .s.~<v,"w,,~.~,_.~~~~~<~,~ ~ ~„~,,.~~~x~~~~:~~~~.~,~~.-R,~. Legc~l M~ndraura2 fisse.sserf ~ ~ Description parcellD Price 6~alue ffcres StreetAddr°ess ~ BLOCK 13 LOT 15 410'f240 $12,000.00 ~11,700.00 024 1204PORTSIDEDR BLOCK 73 LOT 18 4I01237 $72,OQ0.00 ~11,700.00 0.24 1210 PORTSIDE DR Tat~~'~ $353,000.00 9330,260.00 _ ~~::~a~~~a.~ .v~.+,~,~~,,,-a-~.~~~,z~,:~~~~~K,~~.;~~ -.r~,~x~.~~,-~ , ,~~zR~~~,s~~ ~ !3'edraeedrq~, Mnrch 29, 2006 „~°lfa~e rtii~~r a Past Gi r~it~t a F~ctuv~e" 210 Fidalgo Avenue, Kenai, Alaska 99611-77g4 Telephone: (907) 283-7535 / Fax: (907) 283-3014 www.ci.kenai e Orarldu Date: March 30, 2006 Ta Mayor Porter and Kenai City Council From: Lawrence A. Semmens, Acting CiTy Manager ' RE: Resolution No. 2006-15/Hall Quality Builders, Inc, Offe Inlet Woods Subdivision ~ The Administration recommends passage of Resolufion No. 2006-15, approving the sale of 26 lots in Inlet Woods Subdivision to Hall Quality Builders. Mr. Hall has offered $317,000 cash for the remaining lots the City has for sale in the subdivision. This is the totai amom2t of the listed price (5353,000) less a 10% discotuit for cash. Considerations include the following: • The City aecepted the properiy in lieu of cash in the bankruptcy claims settlement; • It would likely take several years before all of the lots would be sold; • There is the benefit of earning interest on the revenue of the sale (cuirenCly approaching 5%); • A realtor wasn't involved in the sale, potentially saviizg the City a 5% real esTate commission from the proceeds; • There will be a savings in advertising~ costs and staff time to market and seli the properties; • There is a public perception that the City is compefing with private developers and reaifors by maintaining an inventory of subdivision lots. If the resolution is approved, and once tbe pending sale closes, the only lots the City will own in the subdivision are five lofs that were retained for s~reet drainage and one parcel obtained tt~rough taY foreclosure which will be included in the next auction. Attachments LAS/kh