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Urban renewal agency approves purchase of 147 South Main Avenue
Summary
The urban renewal agency approved the purchase of 147 South Main Avenue after due diligence found only minor issues; the purchase price cited in discussion was $839,000, with $750,000 requested from the agency and the remainder from the general fund.
The urban renewal agency voted to approve the purchase of 147 South Main Avenue, a property the agency has been pursuing for roughly two years. The city manager summarized the due diligence: the building (formerly city hall) showed only minor dry rot and plumbing issues, one aging HVAC unit, and a sewer scope that still has some limited outstanding camera imaging to finalize; staff recommended moving forward with the purchase.
Agency discussion noted a purchase price of $839,000 in the agreement and that the urban renewal agency would provide $750,000 of the purchase with the remainder from the general fund. The agency approved the purchase by motion; staff will complete any remaining inspections in the due diligence window and proceed to closing.
