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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 option fee is $20,000, credited toward the purchase if the city proceeds.
Zach said staff’s intent is not to hold the Depot long term but to pair it with the nearby 320 N. Main (the former Dillon’s parcel) and issue a development RFP as a packaged opportunity to prospective developers. The option allows staff time to complete due diligence and assemble a development package.
The commission moved and unanimously approved the option agreement. Zach and city legal staff noted the option is transferable, so if the city identifies a buyer with a development proposal it could assign the option rather than buy and hold the building.
Next steps: staff will use community survey feedback and the RFP process to market a combined Depot/320 N. Main solicitation. The option fee ($20,000) is the immediate financial implication; the $500,000 purchase price would only be due if the city exercises the option or uses it as part of a transfer to a developer.
