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Council approves purchase of 526 North Chestnut, aims to preserve and resell home
Summary
The council approved ordinance O-26-007 to purchase 526 N. Chestnut after staff reported the deed has been signed by the owner and a structural analysis found the house in better condition than expected; the city plans to control the buyer to encourage rehabilitation.
The Princeton City Council voted to approve ordinance O-26-007 on April 6, authorizing the city to acquire the property commonly known as 526 North Chestnut.
Staff member Michael reported the current owner already signed the deed and that the city would have authority to sign and take ownership within days of the ordinance’s passage. Michael said a structural analysis showed the house was in “much better condition than we thought,” and described a plan to clean out the building and then sell it to a buyer who will repair and return the house to productive use. “We think we have a guy who will do it as long as he can keep everything in the house or we’ll pay a little bit to have that and then we’ll sell the property to someone who will fix it up,” Michael said, adding the city intends to vet prospective buyers to ensure the home’s condition and neighborhood are protected.
Council discussion noted the property had been under consideration for several years. The council approved the ordinance by roll call; the meeting record shows all members present voting in favor.
The council did not specify sale price or exact rehabilitation conditions in the public record; staff said more detailed plans for cleanup and sale terms would follow as the city moves to transfer and then resell the property.
