Council President John Friend raised questions earlier this week that the property, located on NW 4th St. in the outskirts of downtown, was purchased for more than the appraised value.
Former Redevelopment Commission President Ed Hafer later responded noting the property was purchased for $14,000 less than the appraised value.
Tonight, the city told council members it got two appraisals on each parcel of land. Officials also noted that the properties were on the Redevelopment Comission's targeted list to purchase since 2002.
"You ask why the city has purchased it," said F.C. Tucker Commercial President Ken Newcomb, Jr. "I think the comment was that this is the entrance way and the gateway to downtown Evansville."
City leaders say they purchased the property in part, so it would be able to have some oversight in what goes there.