The Lewiston City Council has agreed to begin a new negotiation with the owners of the Twin City Foods property downtown with a beginning bid of $800,000.
The new bid is less than the $2 million bid the previous council had considered prior to the election of the new panel.
Community Development Department officials have recommended the purchase so the city can make infrastructure improvements, clean up soil contamination and divide the property into manageable pieces that will be more attractive to developers. Adding that if the divided and resold properties can gain private investment worth $135 million, they would generate approximately $500,000 in property taxes each year at current tax rates. Officials also believe that as the property owner, the city could shape the developments toward the mix of commercial and residential space that is scarce downtown.
Councilor Luke Blount was the only member to vote against moving forward.
If an agreement can be reached, it must still come back to the full council for final approval. (Lewiston Tribune)
