Negotiations have been underway with Elmer Adams on behalf of The Bluffs Corporation for the sale of a parcel of land located east of South Expressway and north of Highway 92. The property is approximately 2.75 acres of undeveloped land and the City will use the land as right-of-way for a new road that will run north and south connecting 35th Avenue with Highway 92. This new road will aide with traffic flow to and from current and developing businesses in that area.

The City has had the property appraised and its value was determined to be $450,000.00.  The owner has other property that will benefit from the development of this street and has agreed to accept an offer of $100,000.00, essentially gifting $350,000.00 in value to the City.  This street project is not currently in the CIP and there are no monies budgeted for this acquisition, so the parties have agreed that the City will provide a promissory note as the bulk of the consideration for the property. The City plans to make the funds available via an inter-fund loan and then to repay the loan amount with TIF revenues as they are generated.