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Council to consider sealed bid of $508,500 for former Furniture Liquidators building
Summary
At a Feb. 5 work session, Radcliff officials reviewed a qualifying sealed bid of $508,500 for the former Furniture Liquidators (FFO) building (identifier '987160'). Councilors said formal acceptance will be placed on the agenda for the next council meeting; closing typically follows within about 30 days of approval.
Presiding speaker opened discussion of a sealed-bid opening for the building known locally as the FFO Building (identifier given in materials as '987160'), reporting one qualifying sealed bid of $508,500 and noting the council’s advertised reserve price was $500,000.
The presiding speaker said the clerk opened sealed bids publicly and that the bidder included the required 10% earnest money (reported in materials as $50,008.50). A city attorney or legal advisor reminded the council that its legal options are to accept or to reject the qualifying bid and that the bid specifications allowed rejection.
Council members recapped the property’s history: the building was donated to the city by its long-time owner and had previously housed Furniture Liquidators. Earlier redevelopment proposals, including a Boys & Girls Club plan, required renovation estimates the city said were roughly $3.5 million to $4 million, leading the council to pursue an outright sale instead. The presiding speaker said the city had leased the building recently and had been marketing it while evaluating offers.
One council member urged moving forward, calling the current qualifying offer "our first offer" and saying, "personally for me, I think it's our best offer," and several members agreed to place acceptance on the formal council agenda for Tuesday’s meeting. The presiding speaker said, if approved at that next meeting, the buyer typically has about 30 days to close but that a reasonable extension may be allowed.
No formal vote or final acceptance occurred at the work session; councilors said they would consider the bid at the next scheduled council meeting.
