In mid-July, Bloomington’s redevelopment commission (RDC) gave initial approval to a $9.25 million deal to purchase CFC’s portion of the Showers building—which houses city hall in the eastern part of the building, in addition to CFC offices in the western part.
But that price has now dropped by a half million dollars.
At its regular meeting on Monday, the RDC approved an amendment to the purchase agreement that knocks the price down to $8.75 million. The address of the building is 320 W. 8th St.
Bloomington was able to negotiate a price reduction, according to a memo provided in the RDC’s meeting information packet, “[b]ased on renovation cost estimates produced by the consultants assisting with due diligence.”
During the due diligence phase for the purchase agreement, the city has brought in architects and public safety construction experts, to estimate the cost to convert the space to a police and fire administrative headquarters.
The plan would consolidate in the same building as city hall two additional facilities: the police headquarters on 3rd Street; and the fire administrative headquarters at 4th and Lincoln streets. Continue reading “Bloomington to pay $500,000 less for western part of city hall building”