City Declares There is a Buyer for the WEB at $16.5 million?

To All COLA LO Members,

Just late last week the city finally announced the terms of an offer on the WEB building.   The details can be found in the city press release WEB to be sold?

Unfortunately the price is $16.5 million and of last reporting the city owes $18.5 million on the line of credit used by the Hammerstad administration to purchase the facility.  

Its an amazing proposition that the city would sell the property and stick taxpayers with a $2 million loss.   Are they just dumping the property and hoping taxpayers will not notice?  

As the direction of the current administration unfolds its any one's guess what is driving it in these decisions.  There will be a hearing on the prospective sale at the council meeting on 9/24/13.  

How would any potential loss of $2 million be paid for?   That is a question many residents are now asking themselves.   Is the city going to be sending residents a bill for the difference?  

Nobody knows at this time.   Stay tuned.  

Please notify all members, contacts, and friends.