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Harrington commission moves to take title of Homestead Village Apartments
Summary
The commission voted to exercise its option to acquire 1100 North Broadway (Homestead Village Apartments) from the Public Building Commission and the PBC approved transferring the property to the city; the action formalizes ownership after bonds tied to the property were paid off.
The Harrington City Commission moved to exercise its option to purchase the Homestead Village Apartments at 1100 North Broadway and authorized the mayor and staff to complete required documents. Mayor Gehrig opened the discussion, describing that the bonds on the property have been paid and the public building commission can now transfer the title to the city.
Staff and commissioners reviewed the property's history, saying the public building commission originally held the asset to secure favorable financing and that the city’s role in ownership was effectively an assignment while bonds were outstanding. An attorney’s review was suggested to confirm whether the public building commission has a receivable account to accept the $10 purchase consideration noted in the documents.
Commissioner discussion noted the property has fluctuating occupancy and has not fully recouped past bond costs; one commissioner said the city has “never recouped that $950,000 in bonds,” a point staff said would require detailed accounting. Commissioners discussed potential long-term paths, including retaining the property under the city, transferring stewardship to the housing authority, or selling for market value to put the asset back on the tax rolls.
As the meeting shifted into its role as the Public Building Commission, members voted to approve the sale of 1100 North Broadway to the city and authorized the mayor to sign related resolutions. Staff noted the nominal $10 transfer would be placed in the general fund and that further administrative steps may require a formal resolution dissolving the public building commission in a future meeting.
Next steps: staff was directed to follow up with the public building commission counsel and return with any required documents or resolutions to complete the transfer.
