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Council clears sale of 325 South Main Street to developer as $3M investment is pledged
Summary
Council amended and passed an ordinance on first reading to transfer 325 South Main Street to Guide Lima LLC for $100,000; administration said the developer plans $3.0–$3.5 million in rehabilitation, and the law director said the new ordinance clarifies title transfer.
Council amended and passed Ordinance 84-26 on first reading to authorize the sale of city-owned property at 325 South Main Street to Guide Lima LLC, approving a transfer that the administration said reflects a city purchase price of $200,000 and a proposed sale price of $100,000.
Law Director Tony explained that the substitute ordinance more clearly authorizes transferring title to the developer and fills gaps the earlier development agreement left open. Mayor Schmidt and presentation materials from Nick Eide of Guide Development framed the transaction as part of a larger downtown revitalization strategy: the administration noted the city’s purchase and said the developer expects to invest between $3,000,000 and $3,500,000 in the building’s rehabilitation. As the mayor summarized, "We're investing a $100,000 for a $3,000,000 project." (S16)
Councilors asked for and received confirmation that the investment projections were part of the developer’s plan and that the sale is intended to catalyze private rehabilitation and retail use on the first floor and apartments above. The ordinance was passed on first reading as amended by an 8–0 recorded vote. Council indicated it will monitor progress and that the development agreement remains the vehicle for implementation of developer obligations.
