No decision on sale of Lakeview Home expected
September 7th, 2006Council members are not expected to make a decision on the possible sale of Lakeview Homes at Wednesday’s (Sept. 6) City Council meeting.
Negotiations are still in the preliminary stages, according to City Administrator Lonny Johnson. “There will not be a recommendation made to the council on Wednesday,” Johnson said.
Since April, the City has considered selling Lakeview Homes (Lakeview Home, Heritage House, Oak Terrace). Last month, council members opted to have Johnson and City Attorney Doug Nesvig negotiate exclusively with developers Mick Montag and Dennis Hood of Mankato.
In the initial negotiation meeting, it was decided that the City would meet with its financial advisors to determine tax increment financing (TIF) availability and options. The earliest this meeting can take place is Tuesday, September 12th, according to Johnson.
After the City meets with its financial advisors, the negotiation process between Montag, Nesvig and Johnson will continue in an effort to bring a recommendation to the Council.
