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<br />Community Redevelopment Agency <br />January 11, 2008 <br />Page 3 of6 <br /> <br />to $50 a square foot. Mr. Paradise said he thought the purchase of the property would be based on the <br /> <br />appraised value of the property and not what Mr. Rubin has invested in the property. <br /> <br />He said the property would require demolition or removal of the dilapidated or unused structures <br /> <br />and possible asbestos and environmental issues would need to be addressed. <br /> <br />Mr. Paradise said Mr. Rubin made an offer to purchase the two CRA parcels for $250,000 which <br /> <br />equates to approximately $9 a square foot. <br /> <br />Mr. Paradise said there is a third option that the two entities work together to market the property to <br /> <br />a third-party developer. He suggested that Mr. Triece research the background of the property to determine <br /> <br />the amount invested in the property and to determine if there is any justification to purchase the property on <br /> <br />the higher value. <br /> <br />In response to the Board's question, Mr. Paradise said the appraisal was completed April 11 , 2007 <br /> <br />by the firm of Bledsoe and Ebaugh. <br /> <br />Mr. Paradise said this item is for discussion and no action is required at this time. <br /> <br />In response to the Board's question, Mr. Paradise said he spoke with a representative from <br /> <br />Century Retail regarding the development of the Nebel property and they expressed some interest in the <br /> <br />site. Mr. Paradise said that the Steering Committee reviewed the Request for Qualification submittals and <br /> <br />Century Retail was ranked as number 1. He said that information would be discussed at a joint City <br /> <br />Commission/CRA meeting on January 28, 2008. <br /> <br />A general discussion ensued regarding submitting a counteroffer on the Nebel property, <br /> <br />researching the value of the property, and allowing Mr. Triece time to research the background of the <br /> <br />property. Ms. Campbell suggested revisiting the conceptual plans for the three parcels to determine the <br /> <br />financial value of the parcels. <br /> <br />Mr. Jones requested copies of the first three pages of the Nebel property appraisal to review during <br /> <br />the break. <br /> <br />The Board suggested that Mr. Paradise request Mr. Rubin to reconsider his offers. <br />