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Council grants exclusive right to negotiate redevelopment of old city hall site
Summary
Council authorized an exclusive right to negotiate with a proposer for redevelopment of the old city hall property at 227 South Front Street and authorized up to roughly six months for due diligence and negotiations; staff said action follows a request-for-proposal process.
After returning from closed session, the St. Peter City Council on Jan. 26 approved a resolution granting an exclusive right to negotiate with the selected proposer on redevelopment of the old city hall property at 227 South Front Street.
Staff told the council that a request-for-proposal process had been completed and that a responsive proposal had been selected. The exclusive-right-to-negotiate authorization gives the city and developer an approximately six-month window for due diligence and negotiation of the purchase and potential redevelopment terms. Staff said they expect to return to council with results of due diligence and any requested actions.
The resolution passed by roll call at the meeting’s conclusion; council members said the next steps will include staff- and developer-led due diligence and follow-up reports to the council prior to final approvals.
