The Sioux City Council has approved a resolution to purchase the downtown Badgerow Building from the Cedar Rapids Bank and Trust.
The Badgerow has sat empty at the corner of 4th and Jackson for the past few years.
City Economic Development Director Marty Dougherty says an agreement was reached to spend $750,000 to purchase the property for continued redevelopment in downtown Sioux City:
OC………to close. :18
The Bank and Trust was the mortgage-holder and purchased the property as a result of a foreclosure action.
Mayor Bob Scott says the city has received interest in the structure from several developers who would repurpose the building for market-rate housing and commercial uses:
OC………envisioned for this :22
The council approved the purchase 4-0. Councilman Dan Moore was absent from Monday’s meeting.