Bob Yancy said:
The city paid about $144,000 for the parcel close to 1993. We approved a sales price of $3,489,000 Thursday night.
Councilman Yancy, first and foremost: Thank you for having the intestinal fortitude to come on this forum and make your position know. I truly respect that you are willing to do participate in this media, head and shoulders above others in similar positions!
Also congratulations for the apparent recent "win", but with the property off the tax roles for 20 years, I doubt that the "win" is as actually as large as you stated.
As with several other posters, I am against the policy of the City using public funds to gamble on real estate investing. That's not a proper use of public funds under the Public Funds Investment Act (PFIA) and probably does not meet the criteria established in the City's Investment Policy.
Aside from whatever policy the City may or may not have, I am against the City entering a business activity that competes with the private sector. We have many real estate developers that make their living off the business activity that you are promoting the City participating in. The City has an un-fair advantage when it comes to development as the City holds control of the blind card of the permitting process. The City should never compete with private real-estate developers.
You are promoting the City's investment in speculative real estate. What are the limits? Can/should the City of College Station purchase real estate outside the City limits but within the ETJ? Outside the ETJ, like downtown Hearn? Out of State? If the City is in the real estate business, what are the policies, the controls, and investment criteria?
Sorry for sounding harsh but you are spending our money and we deserve to know what rules apply.
Thank you again for participating in the forum. You are providing many people with more access to local government than many of of your peers.
ETA:
While we may on agree on every issue, if you do choose to run for higher office, you'll get my vote for being transparent in your position and willing to hear and consider all sides of the issue. Leaps and bounds over where we are today!