City Council Agenda Includes Chateau Purchase
Rochester, MN (KROC-AM News) - The Rochester City Council is scheduled to vote Monday on finalizing the purchase of the Chateau Theater Building.
The Council previously approved a purchase agreement that including a 60 day review period, during which the city has had the opportunity to back out of the deal. If the Council approves the purchase, the city will pay the current owner of the historic building $1 million, with the remainder of the $6 million purchase purchase price due at closing.
The Mayo Clinic is providing $500,000 to help fund the purchase, and the city has received authorization to use revenue from the new DMC sales tax to cover its share of the cost. The city hopes to close the deal within 30 days, but the contract gives the current owner the option of delaying the closing up to 180 days.
The resolution before the City Council includes a summary put together by a team that assessed the condition of the building, which opened in 1927. It found the overall condition is better than what the team anticipated, and the modifications and upgrades that will be needed for a new use would not be any more difficult than what would be encountered in an average, more contemporary building in Rochester.
The City Council is also expected to approve plans to install a new traffic signal on North Broadway in downtown Rochester.The signal is being proposed for the intersection at 1st street to facilitate pedestrian traffic in the area, which includes the Park Tower senior apartment complex and a Mosque that serves many members of Rochester’s Muslim community.
If the Council approves the plan, the signal would be installed later this summer.