The deadline has come and gone with no bids for the four McKinley Street properties that the city of Spring Lake Park was trying to sell.
There were only a couple of interested parties that inquired and feedback from them indicated the value of the properties, which are a third of an acre each, should be closer to $55,000, said Assistant City Administrator Dan Buchholtz at the March 18 Spring Lake Park City Council meeting.
The city assessor had set the value of the each of the lots between $70,000 and $80,000 when the council put the lots up for bid in December 2012.
The city was looking for a minimum price of $70,000 for each lot.
The council agrees with Buchholtz’s recommendation to retain the four lots, which are located near Lakeside Park, until the market is more favorable.
When the lots sell, the city plans on using the proceeds to build a parks and recreation building.
Tammy Sakry is at [email protected]