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Council agrees to buy 1 East Side Square for $150,000 using Downtown Eastside TIF funds
Summary
Council approved a resolution authorizing purchase of property at 1 East Side Square for $150,000 plus closing costs, to be funded from the Downtown Eastside tax-increment financing fund; council framed purchase as part of downtown investment plans.
The City Council adopted a resolution authorizing the city to enter into a purchase agreement for real estate located at 1 East Side Square for $150,000 plus closing costs, to be appropriated from the Downtown Eastside tax‑increment financing (TIF) fund.
The city attorney read the resolution and referenced the Tax Increment Allocation Redevelopment Act and the Business District Development and Redevelopment Act as authorities that permit the city to acquire property and enter contracts necessary to implement redevelopment plans. Councilmembers described the purchase as another step in downtown revitalization.
The motion to adopt the resolution was moved, seconded and approved by roll call (all ayes). The resolution attaches the purchase agreement as Exhibit A and authorizes the mayor and city clerk to execute it.
