The Sioux City Council will consider a resolution today to approve the purchase of the downtown Badgerow Building from the Cedar Rapids Bank and Trust Company.
The Badgerow has sat empty at the corner of 4th and Jackson for the past few years.
The city plans to spend $750,000 to purchase the property to be used for continued redevelopment of downtown Sioux City.
The Bank and Trust was the mortgage-holder and purchased the property as a result of a foreclosure action and is seeking to sell the vacant building.
The city says several developers have expressed interest in the building for a mixed-use redevelopment, with market-rate housing and commercial uses.
City staff believes the best use of the building can be achieved by continued renovation utilizing available Federal and State Historic Tax Credits.
Under the terms of the proposed Purchase Agreement there will be a 45-day due diligence period and the closing will occur within a 30-day period following the completion of due diligence.
In the meantime, staff will proceed with inspections and title work including clearing any potential title objections.