City Council considers purchasing Wells Fargo parking lot to secure public parking spaces

The Two Rivers City Council convened on July 7, 2025, to discuss several key agenda items, primarily focusing on the potential purchase of a parking lot previously owned by Wells Fargo Bank. The meeting highlighted the importance of this lot for public parking, particularly during community events.

The discussion began with a council member expressing concerns about the impact of the parking lot's sale on public parking availability. The lot, which has been utilized by the community for events like Car Rama, is seen as essential for accommodating visitors and residents alike. The council noted that the assessed value of the property is approximately $22,000, but the proposed purchase price is set at $30,000. This price includes a provision for a Phase 1 environmental site assessment, with costs up to $1,500 to be deducted from the purchase price.

The council reviewed the terms of the purchase agreement, which stipulates that the seller would be responsible for title insurance and closing costs. The goal is to finalize the purchase within a week of receiving the necessary title commitment and closing documents from the seller.

During the meeting, legal considerations were raised regarding an existing cooperative agreement between the city and Y Knot, LLC, the current owners of the parking lot. This agreement allowed the city to use ten parking spaces in the lot, while the city designated ten spaces in a nearby city-owned lot for public parking. The council discussed the implications of the purchase on this agreement, noting that the city would still retain rights to the designated spaces even after acquiring the lot.

Concerns were voiced about the one-sided nature of the cooperative agreement, prompting discussions on how to ensure fair terms moving forward. The city attorney provided insights into the legal ramifications of the agreement, emphasizing that the city retains options regarding its obligations under the existing terms.

In conclusion, the council's discussions underscored the significance of the parking lot purchase for maintaining public parking in Two Rivers. The council aims to proceed with the acquisition while addressing the complexities of the existing cooperative agreement, ensuring that both the city and the community's needs are met. Further updates on the purchase and the cooperative agreement are expected in upcoming meetings.