A downtown building the City of Jefferson purchased several years ago may finally have a new private owner.

In May of 2015, the City purchased 205 North Wilson Avenue, north of the former Angie’s Tea Garden, from Bud Nelson Estate and received $5,000 along with the building. Fast forward to last week’s City Council meeting, when the Council approved a resolution proposing to sell the property. City Administrator Mike Palmer talks about how much the City is looking to sell the property.

“The sales price is $93,000, that’s what it appraises for and that’s what our guiding is. We have each (city-owned) building professionally appraised and that’s the sales price of it.”

Palmer notes that the City has invested over $200,000 of tax increment financing from the urban renewal district and talks about what they’ve done to the building.

“We dug out the basement so it has (a) concrete floor, took out the whole and entire first floor and rebuilt all of that. So it’s got new floors in it, it has all new windows. The upstairs is unfinished, but that’s all been stripped out and it’s ready to go. New roof, new paint on it, everything wasn tuckpointed. It’s in really good shape.”

The public hearing is scheduled for the next city council meeting at 5:30pm on March 23rd. Palmer adds, the City will also enter into a development agreement with the potential purchaser, RAK, LLC to outline the City’s expectations for the new business.