There were four appraisals completed with as is market values ranging from $7.0 million to $9.7 million. A review of emails and other records shows that the seller was initially unwilling to consider anything less than $9.0 million based on their appraisal and direction from their board. The final negotiated price was $8.975 million.
The City made lower initial offers based on appraisal information, starting at $8.5 million, which were rejected.
Some members of the community have suggested that the City should have offered a much lower figure; staff has no reason to believe that this would have been successful. The process used followed a standard approach for a municipal property purchase.