Brokers in Seattle say the city of Sumner has chosen Principal Financial Group as the winning bidder for the city’s golf course, according to the Puget Sound Business Journal.
Real estate brokers from the firm Jones Lang LaSalle said Principal, a global financial company, could build an industrial park on the land, the Business Journal reported Thursday.
Sumner city spokeswoman Carmen Palmer told The News Tribune on Thursday that the city has short-listed a buyer who is negotiating a purchase and sale agreement with officials. She said City Council members have yet to consider a sale and still must review and approve any agreement.
Palmer said she could not confirm or deny that Principal was the short-listed bidder.
The City Council voted last year to seek bids and sell the Sumner Meadows property, an effort to get rid of the city-owned land that was developed into a golf course about 17 years ago.
The city still owes about $5.8 million on the course. Sumner officials determined last year that they couldn’t continue to subsidize it without raising taxes or utility rates.
In March, the City Council passed a resolution declaring it to be surplus land, which authorized the city to sell the property. Bids closed last firstname.lastname@example.org