well, the city's gain is the parking garage companies loss. If someone is willing to fork over and extra 50mm to payback their losses then its 50mm they could have earned through a legitimate sale.The property wasn't being sold in that deal, it would still have been city owned land. But the city needs to get that 50 million off its books.
To me quoting the back taxes price doesn't matter. The price X is all CFG wants to pay. Divvy it up however you want but they are not paying X+50mm. No one is. and X = fair market value of the property/land.
The back taxes and owed rent is just going to continue to grow because the parking garage company is bankrupt and won't be able to make payment. The city needs to eat a loss here.