County to buy Ameriprise building downtown for $475,000 to add parking, commissioners approve

Summary

Kosciusko County approved a $475,000 purchase agreement to acquire the Ameriprise building at 225 N. Buffalo St. to expand county parking; closing is set on or before March 31 and the seller may remain 30 days after closing; county attorney said the purchase resolves an eminent-domain matter and is below an agreed appraisal.

Kosciusko County commissioners approved a real estate purchase agreement on Dec. 23 to acquire the Ameriprise building at 225 North Buffalo Street for $475,000 to provide additional county parking.

County attorney Ed told commissioners the purchase agreement would resolve an eminent-domain matter initiated with the county's uniform-offer letter. Ed said the agreed purchase price of $475,000 is below an appraisal of $553,000 that was produced with cooperation from both buyer and seller. Closing is scheduled on or before March 31, and the county will permit the seller to remain on the property for up to 30 days after closing to relocate.

"This is property that the county is seeking to acquire in furtherance of obtaining additional parking for the county," Ed said, summarizing the transaction and asking for the commissioners' approval. Commissioners approved the motion by voice vote.

Next steps include completing closing documents and coordinating possession timing with the seller as part of the county's agreed settlement of the eminent-domain matter.