Polo lowers its offer for CedarStone building to $175,000

POLO – In its quest to find a new City Hall, location, the City Council now is offering to buy the CedarStone building for $175,000, which is $54,000 less than its original offer.

The city was under contract to buy the property at 610 S. Division Ave. for $229,000 late last year, but that deal expired before the building made it out of bankruptcy proceedings.

In recent weeks, the city also looked into leasing or buying other locations closer to the downtown.

At the Jan. 4 council meeting, Dustin Finkle offered to build a City Hall at 107 W. Colden St. and lease it to the city, but the $25,000 annual cost of the lease would not be applied to a potential purchase price, Mayor Doug Knapp said at a special meeting Monday called to vote on making the new offer.

Officials also discussed buying and demolishing the Daw’s buildings at 108, 106 and 104 W. Mason St. and building on the site, but estimates proved that cost to be “unattainable,” Knapp said. The purchase price alone was $120,000.

The city plans to have its engineers inspect CedarStone in coming weeks.

He’s not sure if the city’s CedarStone offer will be accepted., Knapp said, adding that they are seeking a May closing date.

The city has discussed multiple payment options, including using general fund money, splitting the cost between all funds or taking out a loan, the latter of which Knapp said is unlikely.