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CRA board approves purchase of Main and Bank Street building at $1.45 million
Summary
The Community Redevelopment Agency approved acquiring the Main and Bank Street building at the latest appraised value of $1,450,000 and authorized a $70,000 budget amendment to the CRA property assemblage account; staff said five RFP responses were received.
The Community Redevelopment Agency voted to move the Main and Bank Street building into CRA ownership, approving purchase at the most recent appraised value of $1,450,000 and a $70,000 budget amendment to the CRA property assemblage account.
A staff member explained the request, saying the property was acquired by the city in a trade in 2022 and that "the building ... would be paid for through the CRA" and that the purchase is proposed "for the most recent appraised value of the property, which is $1,450,000." The staff presentation also said the agenda item "includes a budget amendment, totaling $70,000 so that we have the appropriate amount of funding in the CRA's property assemblage account to facilitate this transaction." Staff told the board five responses to the request for proposals arrived by the deadline and that staff will evaluate those responses and bring a recommendation back to the board.
Board discussion framed the move as an activation step for downtown redevelopment and as consistent with the CRA's role. One board speaker said the CRA acts as a city developer "to help to, remove blight and slum from the city," and noted it may pursue public-private partnerships, direct redevelopment or resale depending on what best serves the city. After discussion, the board approved the motion, with members signaling aye.
The vote transfers the property from the city's general fund into the CRA, enabling the agency to manage the site's redevelopment steps. Staff said a formal request-for-proposal process already produced submissions and that a public recommendation will follow once proposals are evaluated.
