The Junction City Land Bank Board of Trustees approved the sale of 12 lots in the Deer Creek Addition to R & R Developers Inc..

The lots were sold for the amount of $57,000, which was $3,000 less than the original offer.

Dave Yearout, Zoning and Planning Administrator explained that the Land Bank Trutees lowered the cost because the original offer would have required that the Land Bank would have to cover the cost to replat the lots to how R & R Developers Inc. wanted them.

“The recommendation from staff was to reduce the purchase price by the projected cost of $3,000 to replat it and put all of that burden on the purchaser, so that if it turns out it takes a little longer or more effort to resolve that it’s on their nickel and not the Land Banks nickel to do that,” said Yearout.

Other conditions of the sale include respreading the specials over the next 20 years starting in 2016, the Land Bank will provide a standard ALTA Owner’s Policy of Title Insurance, with costs for said Title Policy and closing costs to be paid exclusively by the purchaser, and the purchaser will be responsible for arranging and paying for extension of gas and electric utility mains to serve the lots.

Land Bank Trustee Mick McCallister explained that they are moving in the right direction.

“What this will do in the next year or two is put some more houses out there that we will be collecting specials on, we’ll be collecting tax on, where as we weren’t before. We’re moving in the right direction,” said McCallister.

To date the Land Bank has now sold 14 lots out of the over 900 lots currently in their inventory.