THE SIOUX CITY COUNCIL APPROVED AN AGREEMENT MONDAY FOR THE CITY TO DEVELOP PROPERTY IN THE 100 BLOCK OF PIERCE STREET CURRENTLY USED BY WALGREENS AND BURGER KING, AS WELL AS A VACANT FORMER FURNITURE STORE.
BACK IN SEPTEMBER, CITY COUNCIL APPROVED A PURCHASE AGREEMENT WITH AUDITORIUM SHOPPING AREA, LLP IN THE AMOUNT OF $3-MILLION DOLLARS FOR THE PURCHASE OF THE PROPERTIES LOCATED AT 100 PIERCE STREET, WHICH ALSO INCLUDES 90 PIERCE STREET, 112 PIERCE STREET, AND 124 PIERCE.
WALGREENS AND BURGER KING BOTH HAVE LEASE AGREEMENTS THAT EXPIRE ON DECEMBER 31, 2027.
THE CITY HOPES TO OFFER A DEVELOPMENT OPPORTUNITY TO ATTRACT PRIVATE INVESTMENT, TOURISM, AND NEW BUSINESSES TO STRENGTHEN THE TAX BASE AND CREATE NEW JOBS.
THE CITY IS ALSO CONSIDERING A POTENTIAL SHORT-TERM LEASE AGREEMENT FOR THE FORMER ASHLEY BUILDING AT 124 PIERCE TO OFFSET EXPENSES AND APPLY THE BALANCE TO THE PURCHASE PRICE OR DEMOLITION COSTS .
