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<br />Community Redevelopment Agency <br />February 8. 2008 <br />Page 3 of 4 <br /> <br />Mr. Steve T riece, <br /> <br />Triece. Company, provided an update on the Rubin property. Mr. Triece said <br /> <br />he spoke with Mr. Rubin'regarding the saleipurchase of three parcels on US 17-92 adjacent to the Target <br /> <br />parcel. He said that Mr. Rubin has approximately $435,000 invested in his property which is substantially <br /> <br />less than the CRA appraisal of the property. Mr. Triece said discussion ensued regarding either party <br /> <br />purchasing the parcels for $25 a square foot. Mr. Triece said Mr. Rubin felt his property was worth more <br /> <br />than the $435,000. Mr. Triece fell that the property was not valued anywhere near the $435,000 in an open <br /> <br />market and it would not be sustainable for any other purchaser to pay that unit value in an assembly type <br /> <br />situation. Mr. Triece asked Mr. Rubin if he was interested in purchasing the CRA property for a $25 square <br /> <br />foot or working with the CRA to remove the buildings to improve the esthetics to unify the three parcels. He <br /> <br />said that Mr. Rubin was not interested in either option. <br /> <br />Mr. Triece stated that Mr. Rubin emailed an offer to the City to purchase the CRA property for <br /> <br />$75,000. Mr. Triece said it doesn't appear to be a reasonable basis to proceed with purchase discussion <br /> <br />with Mr. Rubin. He said it is the City's decision to proceed with Code Enforcement issues. <br /> <br />Black's Automotive <br /> <br />Mr. Triece said Ms. Jane Burgett called him regarding an update on the eRA. He said he explained <br /> <br />that the town center was moving forward with the proposals. He said Black's Automotive indicated they <br /> <br />would prefer to do their own real estate research for a new location. <br /> <br />Mr. Triece said he received a second phone call from Ms. Burgett and he was informed that Black's <br /> <br />Automotive was contacted regarding the sale of their business and property. He said discussions are <br /> <br />moving along in the lines of an option agreement. Mr. Triece said the purchase price was not discussed <br /> <br />with Ms. Burgett. Mr. Triece said the original offer to Black's Automotive was $750,000 for the property and <br /> <br />$150,000 for the business. Mr. Triece advised Ms. Burgett on the numbers in the current market for other <br /> <br />sites and the numbers don't support that type of a payment. <br /> <br />Mr. Triece said today's real estate market is not a speculative market but a user driven market. <br />