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2/6/2012 – Executive Session <br />PAK Building Offer <br />Page 2 of 4 <br /> <br />Below are images of the building. <br /> <br /> Front of Building Mezzanine Area <br /> Warehouse Area with Drive-In Door Warehouse Area with 2nd Drive-In Door <br /> <br /> <br />Property Status <br /> <br />The “PAK” building has been vacant since early 2005. The vacancy date is based on the <br />last utility bill issued by the City. The property is currently in “court appointed receivership”. <br />The property’s listing agent, Matt Oelschlager from C.B. Richard Ellis, has provided City <br />staff with the following updates on the status of the property: <br /> <br /> November 21, 2011 − The asking price is $316,800. <br /> January 25, 2012 − The court accepted a purchase offer from a private party. <br /> January 31, 2012 – A purchase agreement was executed. Due diligence should be <br />completed by late February 2012. <br /> <br /> <br /> <br /> <br />