October 17, 2012

Sold: Commission accepts bid

By Michael Johnson, Editor

Pending an agreement on an offer, the city of Washburn may have finally sold 12 Heritage Heights lots. It’s been a sore spot on the commission agenda for years as the offers coming in have never been quite what they’ve asked. Asking $13,500 per lot plus specials was a bit higher than surrounding lots, but commissioners felt it was a fair price. The funding agent Horizon Management LLC made the “most reasonable offer” thus far, according to city commissioners at the regular meeting on Monday night. The offer was to buy all 12 lots for $13,750 per lot. They offered to pay 20 percent down, balance within a year, due diligence time would be 21 business days and the payoff would be within 20 months instead of a year. There are three years of special assessments left on the lots. The only change was that commissioners said that the 20 percent down would be non-refundable.

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