1986-63 Authorizing Land Sale #10 and it's Terms.I
KODIAK ISLAND BOROUGH
RESOLUTION NO. 86 -63 -R
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING LAND
I I SALE NUMBER TEN AND ESTABLISHING ITS TERMS.
WHEREAS, Section 18.30.020 requires the Assembly to set the Terms of
Sale for disposal of public lands; and
WHEREAS, the Borough Assembly and the Planning and Zoning Commission
have determined teat certain lands are surplus to the Borough's needs.
NOW, THEREFORE, BE IT RESOLVED by the Borough Assembly that in
accordance with Title 18 of the Borough Code, it authorizes the Borough Mayor,
or his designee to offer the following twenty (20) Residentially Zoned, seven
(7) Industrial Zoned and one (1) Business Zoned land parcels for sale by
sealed bids on Thursday, November 20, 1986:
1. Lots 1 -9, Block 2, Lakeside Subdivision
2. Lots 11 -19, Block 2, Lakeside Subdivision
3. Lots 4 -9, Block 3, Lakeside Subdivision
4. Lot 11, Block 3, Lakeside Subdivision
5. Lot 10A and 10B, Block 2, Monashka Bay Alaska Subdivision
6. Lot 18, Block 1, Russian Creek Alaska Subdivision
BE IT FURTHER RESOLVED by the Borough Assembly that parcels sold at
Land Sale Number Ten shall be subject to the following terms and conditions:
1. The said parcel shall be appraised at fair market value as
determined by the Borough Assessor /Chief Appraiser or his designee;
2. The required minimum down payment shall be ten percent (10) of
the bid submitted. The down payment shall be by certified cashiers check or
II money order.and included with the sealed bid.
3. The term of the loan for the unpaid balance shall be ten (10)
years;
4. The interest rate shall be ten (10) percent per annum (simple)
1 on the unpaid p principal balance.
5. Payments shall be made quarterly on the unpaid balance at
closing. The Finance Department will calculate level payments, with the
uneven payment becoming the first quarterly payment due.
6. The purchaser shall execute a promissory note for the unpaid
• balance plus the interest and a deed of trust on the property to secure
payment of the note;
7. The number of parcels sold to any one individual group or
company shall be limited to two (2).
9. Parcel 6, Lot 10A, Block 2, Monashka Bay Alaska Subdivision is
8. Any remaining unsold parcels shall be made available over the
counter at 9:00 a.m., November 26, 1986 at the office of the Resource
Management Officer.
to be offered with a preference right to the adjacent property owner whom has
the option to match the high bid or appraised value.
PASSED AND APPROVED this 2 day of October , 1986
by the Kodiak Island Borough Assembly.
ATTEST:
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ough Cij
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KODIAK ISLAND BOROUGH
By
By
Presiding Officer