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Issue Position: Real Estate - Real Estate Option on ZIP Ground

Issue Position

Location: Unknown

If you don't want to buy a property right away sometimes an investor will buy a Real estate option. An option costs money, but it allows you to tie up a property until you can

1) pay for it at a pre-established price or
2) sell it to someone else for a hopeful profit…in effect selling it before you even buy it.

But Options are a wasting investment because they are only good for a certain time - usually six months. After that they go back to the owner and you lose the thousands of dollars you paid for the option. How much did Sioux Falls pay for the Zip feed land option? When must we exercise this option? Does it have an EPA inspection contingency clause so the public won't get stuck cleaning up potential oil or contaminants like we did for the Statue of David? Can we sell the option to an investor or businessman?

The city should have had an open door policy in this matter. When I am mayor of Sioux Falls I will have an open door policy for almost all business dealings. Only the most private business of the city should be closed to the public. Examples of this would be employee reprimands that are not deemed illegal or sensitive information on security.

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