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Council questions bank’s counteroffer on downtown parcels, flags sidewalk and safety costs
Summary
Staff reported a counterproposal from a bank and a developer about selling two small downtown parcels; council members expressed concern about unclear pricing and potential city costs for platting and sidewalk repairs, and asked staff to seek clarification before proceeding.
Council discussed a bank counterproposal related to two small parcels (328 and 330 Vanderbuil) that a downtown property owner has offered to the city as part of a larger exchange. Staff said the bank’s counter suggested pricing by square foot and tied the sale of the smaller lots to other parking-lot work the owner wants to do.
Council members raised multiple concerns: the counterproposal lacked a clear computed purchase price for the two smaller lots, subdivision/platting costs (one staff estimate cited about $5,000) were unresolved, and the city would likely inherit sidewalk and site-repair liabilities if it acquired the parcels. Council discussed estimates for sidewalk replacement ranging from modest figures to a larger investment (speakers referenced estimates such as $15,000 and other higher numbers as possible depending on needed work).
Council members questioned whether acquiring the parcels would be in the city’s interest given the likely additional costs and uncertainty over whether the Legion (another property stakeholder) would be part of the transaction. Staff was directed to clarify the bank’s and the owner’s positions on purchase-price calculation, the Legion’s role, and who would pay for replatting and sidewalk improvements before the council considers any purchase.
No council action was taken to purchase the parcels; staff will follow up with the bank and report back with clearer pricing and cost estimates.
