Sioux City Council discussed a proposal to acquire roughly four acres near the city’s interstate entrance and authorize staff to seek developers and refine project details. Council members and staff said the property presents an opportunity for mixed‑use redevelopment and agreed to a 120‑day due diligence period before closing.

City staff described the site as a high‑visibility gateway parcel with vacant buildings and longtime vacancy issues. “It’s a once‑in‑a‑lifetime, in our lifetime, in this room’s possibility to control the land,” a city official said, urging a strategic vision for mixed retail and residential use. Staff said the city would use a mix of funds, including proceeds from prior real estate transactions, and would consult the finance and legal departments before proceeding.

The resolution authorizes the city to act as an appointing agent under a federal requirement tied to the proposed sale and directed staff to proceed with environmental studies and an RFP process to attract developers. Council members repeatedly asked for more detailed financial modeling; staff said the city expects roughly $1 million in rental revenue from existing tenants (including Walgreens and Burger King) that would offset part of the $3 million purchase cost and agreed to provide a more detailed rent‑offset schedule. Staff also said they would conduct a full environmental audit during the 120‑day due diligence and noted that the due diligence period could reveal issues that affect price or feasibility.

Council members pressed staff to solicit public and council input on preferred uses and to prepare concept drawings for review. Several members cited recent successful downtown redevelopment projects as precedents and said a city‑led site assembly could produce a higher‑quality, coordinated outcome than piecemeal private sales. Staff estimated that organizing developer interest and issuing an RFP would take at least a year to reach a formal development agreement.

Council also asked staff to confirm title boundaries and legacy ownership claims as part of due diligence and to provide refined projections on when rent revenue would begin to accrue to the city after closing. Staff confirmed plans to prioritize an environmental assessment that covers the whole site and to return with more precise fiscal projections to the council during the due‑diligence window.