Quote:
Originally Posted by Buckeye Native 001
If I understand all this correctly, what's the chance they get outbid on the plot? Is that even a remote possibility?
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Possible? Yes. But it doesn't seem very likely, the auction is in about 6-weeks and this thread that User Kat C posted on Twitter explains how the process works, what goes into it, and the fact that the Yotes have been at it for about a year now.
- The Yotes completed site assessment on the ASLD property that was delivered to the ownership in summer of 2023.
- In March, the Coyotes submitted an $153,000 application to the State Land Department that initiated an auction notice for the 110 acre site where the #yotes want to make their permanent home.
Included within the Auction Notice packet:
- Auction Notice with information for bidders
- Auction Flyer for advertising (req. for 10 weeks)
- Phase 1 Environmental Site Assessment
- Land Title Survey
- City of Phoenix Infrastructure Letter
- the #yotes have chosen @AECOMHunt to partner with for construction.
- The #yotes must show with a cashier's check for $15,767,200.
- Additional bidders must appear with a cashier's check for $15,920,200. This includes the $153K application fee if they are the "best and highest bidder"
- Only 22% of auctions have competitive bidders. Did I mention any bidders have to show with $16M in cash.
Immediately following the auction, the successful bidder must provide their ~$16M cashier's check to pay the following:
- 20% of appraised value
- 3% Admin Fee
- Legal Advertising Costs
- Appraisal Fee
- 7 Right-of-Way Assignment Application Fees
- Patent Fee
- Within 30 Days of the auction, the successful bidder must complete their payment to the State Land Department. Reminder: This must be a cash purchase - no mortgaging of this property is allowed. The bidder loses their money (its considered "rent") if they fail this step.
https://twitter.com/ThePolitiKat/sta...YqsvHRSVUGYbvg