Commission authorizes appraisals on three downtown properties for possible acquisition
Summary
The commission authorized appraisals to proceed on three downtown properties (252/254 Wrap Building, 359 North Jackson, and 301 North Jackson/old McCollum) so the RDC can assess purchase options if owners are willing to sell. Staff will proceed with appraisals and report results.
The Frankfort Redevelopment Commission voted to authorize appraisals on three downtown properties—252/254 (the Wrap Building), 359 North Jackson, and 301 North Jackson (the old McCollum property)—so it can be prepared to consider acquisition if owners pursue a sale.
Chair (speaker 2) explained that owners have expressed interest in selling and that appraisals are required before any offer. A committee member (speaker 4) moved and the chair seconded the authorization; the motion passed by voice vote. Members discussed options for contingencies in offers, the need to confirm existing lease terms for tenants, and the timeline for a special meeting or authorization if an offer is warranted.
Staff were instructed to proceed with appraisals and to return appraisal results and recommended next steps to the commission for a potential special meeting or resolution.
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