Eldora agrees general starting price range to list former Fairway building; staff to finalize legal details

Council members approved moving forward with a plan to list the former Fairway building and settled on a starting-price range that the realtor described as the high $170,000s to about $180,000.

Gabby Mitchell of Oakidge Real Estate presented comparables, noted maintenance concerns and property taxes of about $12,000 per year, and referenced an environmental phase I study that has already been completed. Mitchell said a realistic buyer for the building would likely be a small, local business or family-owned operation rather than a large manufacturer and recommended listing the property within 30 days after legal details with Fairway and the city are finalized.

Council members emphasized they did not want the building to sit vacant but also did not want to set an unrealistic price for small buyers; the council agreed that the high‑$170,000s starting point was an appropriate place to begin marketing, and members indicated flexibility to consider offers within a few thousand dollars below or above the listing price.

City staff and the city attorney (Erica) noted legal logistics: the city cannot complete the sale until it officially owns the property, so staff will finalize a formal agreement with Fairway enabling the city to list the building and accept proceeds at closing. Council members asked staff to return once the listing agreement and any required legal documents are complete.

What’s next: staff and the city attorney will finalize the listing agreement and any required documents, list the property within approximately 30 days, and report back to council as offers are received.