Council discusses possible sale of Federal Building, industrial park; cites covenants, survey work and wider marketing
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Summary
Councilors discussed plans to market Hannibal's Federal Building and to survey and carve parcels of the industrial park before any sale; city staff said covenants tied to the Federal Building and historic-status requirements will affect potential buyers.
Hannibal — City officials discussed opening the Federal Building and the industrial park to broader marketing and possible sale during the Jan. 7 City Council meeting, emphasizing covenants, historic restrictions and the need for additional surveying before any disposition.
"I wanted to bring this forward in an open meeting, to be transparent," Mayor Lotterman said as he described the city's intent to solicit interest in both properties. He said the city has entertained inquiries but has not yet taken a formal vote to sell either property.
City staff and council members outlined next steps: resurveying parts of the industrial park to carve out the parcel(s) the city wishes to sell, and specifying covenants and development conditions for the Federal Building. Staff said the Federal Building is listed on the historic register and that covenants will be conveyed with the property; potential buyers could be eligible for historic tax credits if renovations meet preservation standards.
Council members discussed broadening outreach to a wider marketing audience to attract experienced developers. Andy (city staff) described plans to obtain quotes from surveyors to determine whether the industrial park will be offered as a single large plat or divided into smaller plats, and the need to preserve areas for utilities or roads.
Why it matters: A sale or redevelopment of either property could affect local economic development, reuse of historic property and future tax or lease revenues for the city. Council members said they expect wider marketing will yield better proposals and that covenants and historic restrictions will shape permitted uses.
Next steps: Staff will solicit survey quotes, clarify covenants on the Federal Building and prepare a marketing approach aimed at a wider audience. The mayor said the city would be transparent about the process and will provide contact information for interested parties.
Ending: Council discussion did not include a motion to sell; the item was presented as a progress update and direction to staff to continue preparatory work.
