2016.02.08 Council Agenda Item 06
Summary
Order to authorize the Town Manager to dispose of real estate through a real estate agent and typical real estate listing service, such real estate described as a 2 +/- acre parcel to be subdivided from Town owned open space known as Hadlock Community Forest.
A public comment period will be included. (3 minutes)
ACTION: Council action is anticipated.
Description
This property is part of the Hadlock Community Forest. A map, showing the parcel is attached. The Land Acquisition and Management Committee (LMAC) anticipated that this parcel could be sold in the future to help support the open space acquisition funding program. The rationale for selling property for a cash return to then purchase property in another location is based on the higher cost per acre for a developable lot when compared to the lower cost per acre for land that is not immediately ready for development. The anticipated return for the sale of this property could approach $100,000 for two acres. Recent open space acquisitions have been at a cost of approximately $10,000/acre. The current real estate market is considered by many as a “seller” market which is why the Town Council is being asked if they are ready to dispose of this property.
