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Council approves $210,000 bond ordinance to acquire small Broad Street parcel for sale to developer
Summary
Council adopted a bond ordinance that approves the purchase of a 0.067-acre 'finger lot' adjacent to the former firehouse for up to $210,000 to assemble a larger redevelopment parcel, according to council members.
The Common Council adopted a bond ordinance (25-3336) authorizing up to $210,000 to acquire a narrow parcel at 402 Broad Street, described in council discussion as the last small piece needed to assemble a larger redevelopment tract adjacent to the former firehouse and the Chestnut Street parking lot.
Councilwoman Claire Toth and other members said acquiring the “finger lot” will make the larger property more marketable to developers and avoid sales of fragmented small parcels that could reduce overall value to the city. A public commenter asked whether the city was paying a fair per-acre price for the lot; the comment noted the $210,000 appropriation equals roughly $3.1 million per acre for the small 0.067-acre parcel. Council members replied that the figure reflects the strategic value of the parcel as the final piece of the consolidated site and said they negotiated a price consistent with the developer's prior offer.
Vote: The bond ordinance passed on final vote with a roll-call; the council adopted the ordinance for acquisition and authorized issuance of bonds or notes to finance up to $200,000 of the purchase price (the ordinance appropriates $210,000 to cover professional and transaction fees). Council members said any subsequent sale to a private developer would go through separate procurement and approvals.
