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Council sets May 26 public hearing on proposed Colonial Theatre purchase
Summary
Council reviewed a draft Purchase & Sale Agreement for the Colonial Theatre with a stated purchase price of $8,117,653.39 (to be offset by an existing promissory note) and moved to set a public hearing for May 26, 2026; the BEDC will attend to answer questions.
Councilors reviewed a draft Purchase and Sale Agreement for the Colonial Theatre that reflects an agreed "Purchase Price" of $8,117,653.39, with the city to offset that price by an existing promissory note from 609 Main Street LLC. Councilor Bogert moved to set a public hearing for the next council meeting on May 26, 2026; Councilor Hoffman seconded the motion and the council scheduled the hearing. The record notes that attorneys for both parties drafted the agreement and that the BEDC will attend the May 26 meeting to field questions.
The packet materials state the city will continue to pay bond principal ($268,200) from the General Fund and bond interest ($188,500) from the Downtown TIF for FY27, plus $60,000 for condo association fees from the Downtown TIF; maintenance and management fees were not included in those figures. The council did not finalize the purchase at this meeting and residents and councilors will have the opportunity to ask questions at the scheduled public hearing.
