The Sioux City council has approved a $3 million purchase agreement with Auditorium Shopping Area LLP for property on Pierce Street.
The property includes two buildings and is currently occupied by Walgreens and Burger King. Burger King operates on a month-to-month lease, while Walgreens is under contract through 2027.
According to the memo, the property is a development opportunity that will attract new businesses, tourism, and private investment. This will improve the local tax base and create jobs and amenities for residents.
The agreement has a 120-day investigative period for the city to conduct its review before closing.
In addition to the purchase agreement, the Council approved grant agreements with the Department of Housing and Urban Development under the Community Development Block Grant and the Home Investment Partnerships program.
The City Council approved the annual action plan in July, which outlines a new budget and details the city’s spending priorities for the next fiscal year.
After the city filed its submission, HUD approved the plan and now has requested that the city execute a grant agreement for each of the programs before they make the funds available.
Over the next year the city will receive a total of $2,002,630.59 in entitlement funding through the CDBG and HOME programs.
Additionally, the council removed an item from the agenda regarding the contract award for the repairs and restoration of the Floyd Monument.
Council member Alex Watters told Siouxland Public Media that the delay was due to the contractor’s bond not being ready. The documentation is now in order, and the item is expected to appear on next Monday’s agenda.
