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City approves option agreement to package Depot with downtown site for redevelopment
Summary
The commission approved a 12‑month option to acquire the Depot — $20,000 option fee with a $500,000 purchase price creditable against the option if exercised — intended to let staff pair the Depot with 320 N. Main in an RFP to develop a Depot District. The option is transferable to a buyer found via an RFP.
City staff told the commission the Depot has been on the market about 18 months with limited interest; owners listed at $1.5 million but are willing to entertain an option (staff presentation). The option being approved gives the city a 12‑month, transferable right to buy the Depot for $500,000 if exercised; the…
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