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Gladstone council authorizes sale and redevelopment agreement for former library building
Summary
Council authorized the city administrator to execute a disposition-and-development agreement with Weldon Development to rehabilitate the former Gladstone Library at 135 East Dartmouth for $50,000 sale, with a minimum developer investment of more than $400,000 and a six-year clawback provision.
The Gladstone City Council authorized the city administrator to execute a disposition-and-development agreement (DDA) with Weldon Development for the former Gladstone Library property at 135 East Dartmouth.
City staff and consultant John LaGarza summarized a year-long community engagement process, renderings included in the council packet, and key deal terms: the city will sell the property for $50,000; Weldon will commit to a minimum investment of more than $400,000; and the agreement includes a six-year covenant with a clawback clause that would return 25% of net sale proceeds to the city if the property is resold earlier than the covenant period. Staff said the structure provides flexibility to enable financing while returning the property to the tax rolls and creating local jobs.
Staff also reported a Bureau of Labor and Industries determination that prevailing-wage requirements do not apply to this project; the findings-of-fact will be added to the public file. Councilors asked operational questions about food service and learned the developer plans to use a food cart for indoor eating rather than installing a kitchen.
Councilor Blauch moved the authorization; Councilor LaBonte seconded. The motion carried, 5-0, authorizing the administrator to execute the DDA and begin developer due diligence.
