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TARGET OUTPARCELS <br />RECENT INTERACTION <br />10-4-10 A copy of the supporting documentation to the CRA agenda item on the <br />Target Outparcels was e-mailed to Mr. Rubin <br />10-6-10 Discussion ensued between Mr. Sheldon Rubin and Don Martin, Community <br />Development Director; Mr. Rubin mentioned that it was not worth his time & <br />effort to discuss various alternatives for the outparcels; Mr. Rubin also stated <br />that if the City still wishes to buy his parcel, he would consider an amount of <br />$375,000. <br />Mr. Rubin suggests that he wants: $375,000 _ 8,478 sf = $44.23 psf <br />As a comparison, in January 2010, Lake Concord property appraised at $1,407,000 <br />Lake Concord: $1,407,000 _ 82,764 sf = $17.00 psf <br />If $17.00 psf was offered on 8,478 sf = $144,126 <br />In efforts of assemblage, it would be gracious to offer $200,000 for his parcel which would <br />equal $23.59 psf. <br />BACKGROUND <br />April 2007 Last appraisal on the property was Apri12007 -Clearly outdated but at that <br />time, the 3 parcels appraised at $21.25 psf <br />March 2008 Mr. Rubin verbally expressed a number of $50 psf for his parcel. We offered <br />to sell our property to him for $50 per sq ft, with a development agreement <br />to start development within 6-12 months, and an offer that if he could not get <br />a project going to meet the schedule, we would buy it back at the same price. <br />Mr. Rubin declined. <br />April 2008 Mr. Rubin discussed purchasing our 2 parcels for $300,000 which was less than one- <br />half of the appraisal price. Also, we developed two conceptual site plans using our <br />engineer and sent them to Mr. Rubin. Staff also discussed marketing the parcels <br />with CB Richard Ellis who advised that to get the highest and best use the three <br />parcels needed to be assembled. The representative from CB Richard Ellis <br />contacted Mr. Rubin and reported back to City staff in July 2008 that Mr. Rubin was <br />in the $500,000-$700,000 range for his (one) parcel. Mr. Rubin continued to state <br />that he wanted to purchase the City's two parcels for $250,000-$300,000; further he <br />still did not have a developer. <br />