ITEM TITLE:
#26-02 - Authorizing the Purchase of a 5-Acre Parcel, Known as Lot 2, Mineral Creek Industrial Subdivision (Tract K) From the Port Valdez Company, Inc.in the Amount of $415,000
SUBMITTED BY: Nathan Duval, City Manager
FISCAL NOTES:
Expenditure Required: $415,000
Unencumbered Balance: $2,273,914
Funding Source: 350-8000-55000 Activity Code 580
RECOMMENDATION:
#26-02 - Authorizing the Purchase of a 5-Acre Parcel, Known as Lot 2, Mineral Creek Industrial Subdivision (Tract K) From the Port Valdez Company, Inc.in the Amount of $415,000
SUMMARY STATEMENT:
In September 2025 Resolution 25-38 authorized the City Manager to negotiate a sales price for the above referenced property for the primary purpose of snow storage. The City’s appraisal for the approximately 5 acre property came back at $385,000 and the Seller’s appraisal came back at $450,000. The agreed sales price of $415,000 is for the property but also provides for a permanent easement on lot 1004 W. Egan for the water tower access road and utilities that are on the private property.
The attached resolution approves the purchase and authorizes the City Manager to execute any necessary documentation.