The Sioux City Council approved the purchase of properties from Auditorium Shopping Area LLC, located on Pierce Street, in its meeting Monday. The properties include 100, 112, and 124 Pierce Street.
Earlier this year, the council approved a $3 million purchase agreement for the properties, which includes 90 Pierce Street.
According to a city memo, the revenue received through the existing lease agreements on the property will offset a portion of the purchased price.
Redevelopment of the site is expected to increase property value and city income tax.
Walgreens, Burger King, and a vacant building currently occupy the property. Both Burger King and Walgreens leases end December 31st, 2027.
Why I Support SPM: Ryan Akerberg
