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(KLZA)-- Auburn's Community Redevelopment Authroity recently completed the purchase of the Westgate Subdivision property.
The Auburn City Council approved a resolution clearing the way for the purchase to be completed in August.
he Auburn CRA paid Dennis Wheeler $950 thousand for his home on the propoerty and just over 35 acres of land.
The plan is to create residential lots on the property. The City will provide funds to the CRA for expenses on the project with the money to be recovered by the City through tax-increment financing.
Preliminary plans call for 33 lots to be created on the property. It is estimated that once a home is constructed on a lot, the value will be in the neighborhood of $350 thousand, which would push the total value of the subdivision to more than $11 million.
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