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CASSELBERRY CITY COMMISSION Minutes of August 24, 2015 — Regular Meeting Page 17 of 20 ® Reminded the Commission that two properties had already been acquired by the City along Quail Pond Circle for the purpose of future expansion of the Lake Concord Park project, and advised that a third property which had been in foreclosure located at 161 Quail Pond Circle was going to be offered for sale by auction in the very near future. He explained that it would not be a town hall -type auction with an auctioneer, but more like an EBay auction, where there could possibly be an opportunity to learn the high bid and increase the offer. He added that time was of the essence, as the auction was due to occur prior to the next scheduled Commission meeting, which is why he was bringing the issue for Commission consideration at this time. He stated that the assessed value of the property was currently around $150,000, and the City's real estate consultant Steve Triece had provided feedback indicating that the lending institution that foreclosed on the property possibly had as much as $200,000 invested into the property. He added that the City's past experience in acquiring land to expand Lake Concord Park had set a standard of $6.60 per square foot, and on a lot of this size, that would translate to approximately $110,000. Mr. Newlon further advised that if it was the Commission's desire to pursue acquisition of this parcel, it would be banked for possible future use. He noted that it was located near the parcels previously acquired by the City; however it was not contiguous at this time. Mr. Newlon stated that he was seeking to know whether the Commission desired that he pursue acquisition of the parcel at 161 Quail Pond Circle on behalf of the City; and if so, to also provide him with an amount at which to cap the City's offer for the property. He advised that based on his evaluation of the property, Mr. Triece recommended that the City's offer not exceed $150,000, and that the initial offer should start at around $110,000 or lower. City Attorney Katie Reischmann advised that due to the nature and timing of the auction, there would not be sufficient time to obtain an appraisal of the property, which was a requirement contained in the City's policies regarding real estate purchases; therefore, she would request that the Commission agree to a waiver of the requirement for an appraisal in this instance, in light of the potential bargain the City could realize by purchasing the property through this type of auction. Mr. Newlon added a reminder that it was possible that the City's bid would not be accepted at the end of the auction process; however, it was an opportunity to acquire the property for addition to the future development of the Lake Concord Park project. Discussion: Discussion ensued during which each ofthe Commissioners indicated that they were in support of pursuing the acquisition of the property located at 161 Quail Pond Circle, and although would prefer to follow the usual process for real estate purchases; however, due to the timing of the auction and the opportunity to obtain the property at a potential bargain price, they would be in favor of granting a waiver of the purchasing rule about obtaining an appraisal in this circumstance. The Commission as a whole expressed confidence in the City's real estate consultant Mr. Steve Triece. Mr. Newlon also advised that the funding source for the acquisition would be the City's General Fund and the Commissioners should consider that when making a decision. Audience Participation: The following individuals came forward to address the Commission regarding this issue: