Frisco approves lease-purchase agreement for First and Main building
Frisco Town Council unanimously approved an ordinance to buy a property at the corner of First Avenue and Main Street on a second reading Tuesday night. Following a public posting and the signing of paperwork over the next two weeks, the town will enter a lease-purchase agreement for the $1.2 million property.
The town will have 16 years to pay a minimum of $100,000 annually on the property, with a 4 percent interest rate for each year. Frisco town manager Bill Efting said he hopes to purchase the lot in full within five or six years.
“It’s a great opportunity for the town for future uses,” Efting said. “There are all kinds of scenarios out there.”
A few changes were made to Tuesday’s version of the agreement. Per the added terms, town council must give the owner, Ginger Sundin Yates of Arizona, a 60-day notice before they close on the building. While Frisco is allowed to make modifications to the property, the town may not make any changes that would diminish its value.
“We do plan on getting input from stakeholders to determine the best use for the property,” said Frisco public information officer Brodie Boilard.
Efting said he hopes to put together a master plan committee to come up with potential uses for the cinderblock building, which sits adjacent to Frisco Historic Park and Museum. The property consists of a space previously owned by The Barnyard pet store, as well as current tenant High Country Custom Impressions. Two small, 350-square-foot apartments make up the upper level of the building, which may be used for town employee housing.
“The location at First and Main is really something to have right next to our historic park,” Efting said. “If we want to expand our historic park, we can. If we want, we can use the building for museum exhibits, or put visitor information there.”
The town had previously expressed their interest in the property to the owner, so Yates approached town council with a proposal after she found out The Barnyard was leaving. The town was granted a right of first refusal two years ago, and decided to take up the offer.
“We want to put a committee on it as soon as the deal goes through,” Efting said. He hopes to have a plan for the property in the next three months. In the meantime, the town will continue to lease part of the building out to High Country Custom Impressions.
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