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City considers $250K offer for Blue Building
Blue Building
The Blue Building

Will McMinnville officials accept an offer of $250,000 for the Blue Building property?

That question could be answered Tuesday.

The Board of Mayor and Aldermen will meet for its regular session Jan. 25 at 7 p.m. Among the items of business is a resolution to enter into a purchase and sell agreement on the Blue Building property with Investment Partners LLC.

According to Investment Partners developer Bobby Kirby, a purchase contract must be signed before Investment Partners can hire engineers and architects and begin preparing a TIF (tax increment financing). The TIF is a contingency within the purchase contract.

Also within the purchase contract is Investment Partners’ offer for the property.

“The purchase price for the property shall be $250,000. Buyer shall pay the purchase price in cash or other immediately available funds on the closing date, subject to any adjustments provided for in this agreement.”

Back in November, when the proposal was presented in an open meeting, Kirby said the purchase price was not negotiable. No closing date has been set.

“The closing of the purchase of the property shall be at such time and place and on such date as may be agreed upon by buyer and seller; provided, however, that the closing shall take place no later than 60 days following expiration of the inspection period.”

The TIF, once generated, must also be approved by city officials and Warren County government. Requested by Investment Partners will be a 20-year TIF.

It will provide 100% reimbursement of after-development property taxes to be divided 70/30 (70% to the developer and 30% to Warren County Schools).