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The purchase of the Los Alamos Apartments by the county is on track, but it hit a snag that will delay the foreclosure sale slated to take place this week.
In addition, the county has decided to use $1.2 million from the self-sufficiency fund, which is usually used for economic development, to make the purchase of this prime Central Avenue property.
Councilors voted 6-1 to transfer the self-sufficiency funds to the general fund in order to make the purchase. Council Vice Chair Robert Gibson opposed the motion.
County Administrator Max Baker told county councilors that he was made aware of the foreclosure sale’s delay yesterday.
“We received previous approval to initiate this transaction,” Baker said. “Today we were advised that the foreclosure sale needs to be delayed because certain publication requirements for the sale were not met.”
Baker said that Housing and Urban Development was supposed to advertise the sale three different times, a week apart, before the sale took place.
“One was missed for whatever reason,” Baker said. He then asked Chief Financial Officer Steven Lynne to explain to council his thoughts on how the county should fund the land purchase.
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