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Topic: Freeborn National Bank< Next Oldest | Next Newest >
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PostIcon Posted on: Feb. 12 2014,7:37 pm  Skip to the next post in this topic. Ignore posts   QUOTE
I really hope the city takes a good hard look at the proposals they received on the 2 buildings, and makes the right choice for new ownership.  I know the Art Center is looking for space to purchase or lease and they have a valid need, but I hope its not on the basis of we can only afford this so lets make a long term arrangement or contract.  At the rate things are going we need to fill these spaces with innovated ideas that puts money back into this dying area before more of these buildings go empty.
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PostIcon Posted on: Apr. 30 2014,12:56 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
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Negotiations with a proposed developer for the Freeborn National Bank and Jacobson Apartments buildings are moving ahead, according to Albert Lea officials on Monday.

Developer Cohen-Esrey of Overland Park, Kan., is slated to unveil the proposed use and plans for the project on May 13 during an open house at the buildings, on the corner of Broadway and William Street, said City Manager Chad Adams.

The following Tuesday, May 20, the Albert Lea Planning Commission will consider whether that proposed use is consistent with the city’s comprehensive plan, and then, a week later, there will be a public hearing before the Albert Lea City Council about the potential sale of the building.

“The conversation is going very well with the developer,” Adams said.

Initial plans call for a mixed-use development, including residential apartments on the upper three floors. Once the sale of the building is complete, Cohen-Esrey can apply for various grants ahead of the start of construction.

If all goes according to schedule, the City Council and Cohen-Esrey could have a final development agreement before the end of the year, with construction to begin in January or February 2015. The buildings could potentially open in September or October 2015.

The Freeborn National Bank was built in 1922. It was originally constructed as a bank on the first floor and medical and professional offices in the upper floors. The Jacobson’s first two floors were constructed in 1888, and the two upper floors were added in 1923. The buildings share a staircase and elevator.

The two buildings have been under city ownership since 1998.

In 2007, the city spent about $2 million to restore the exterior of the Bank Building, including tuckpointing, a new roof, a skylight and new water, sewer and electrical service to the buildings, among other improvements. Inside, crews have cleaned out asbestos, filled in the basement and taken out a majority of the plumbing.

A developer would need to replace electrical, plumbing, heating and air conditioning, among other improvements.

At one point, city officials estimated renovations would cost another $4 million to $6 million.

Adams said there is a likelihood the council may go into closed session during the May 12 meeting to discuss the project.

Look to the Tribune’s Wednesday edition for more about the Monday council meeting.

Sarah Stultz

One commenter on the fishwrap website stated
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Gus,
That’s a nice vote of confidence. I know our elected city officials will do what they think is best for our city, as they always do. Sometimes I don’t necessarily agree with their decisions, but I know their intentions are always good.
 I forget the old saying.  What is paved with good intentions?

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Actually my wife is especially happy when my google check arrives each month. Thanks to douchbags like you, I get paid just for getting you worked up.  -Liberal
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PostIcon Posted on: May 14 2014,3:05 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
[QUOTE] Jayne said initial discussion has called for renting the main floor of the bank building to the Art Center for $1 a year, and Prairie Wind Coffee would remain on the main floor of the Jacobson building. Developers would not be reliant on revenue from the main floor to make the project viable, Jayne said.

Here we go again give the art center a reduced rental fee :frusty:
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PostIcon Posted on: May 15 2014,4:33 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
IMO with an independent developer and/or management co involved the rental of the space to the art center is better than leaving it empty to collect dust until a potential lucrative tenant is sourced.  

While I can understand some people will think that is a gift to the art center, and it somewhat it, the rental of the space at whatever price also absolves the developer of responsibility for utilities, maintenance, and a bunch of liability for that space vs. it sitting empty.  

My menial lizard brain also tells me that there likely isn't a ridiculous 99 year lease here, and even paying out to the art center to break any lease mid term if a more desirable tenant is located would be cheaper than supporting a empty shell space.

Case in point the only tenant that the MDI Ltd partnership and Paramark Management operating the Lofts at Lea Center across the street added was KIMT, and I suspect that was at a reduced rate to secure the rooftop rights for equipment that existed prior to the residential development.  The other  anchor tenant of Uptown Dental was there before the building renovation.   The other two leasable spaces in the building have remained empty the majority of the time since opening in 2005, I believe only a franchise Country Financial advisor was in one space for a year or two.
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PostIcon Posted on: May 18 2014,9:43 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(digger @ Feb. 12 2014,7:37 pm)
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I really hope the city takes a good hard look at the proposals they received on the 2 buildings, and makes the right choice for new ownership.  

I know the Art Center is looking for space to purchase or lease

hope its not on the basis of we can only afford this so lets make a long term arrangement or contract.  

At the rate things are going we need to fill these spaces with innovated ideas that puts money back into this dying area before more of these buildings go empty.

Interesting assessment.

The city, about a year ago, had a real estate developer look at the two buildings and had a viable plan in place, plus the financial resources in place to develop the building. It would have resulted in the creation of more than 25 jobs.

The deal fell apart because the developer NEEDED the first floor, but the city would not part with it. The city felt they had invested $2 million in the building and a say and control of what went on the first floor.

So now you have another low income project deal in Albert Lea, with the tax credits derived being shipped off to offset income earned elsewhere. And the city got to keep the first floor and give an Albert Lea organization, yes the Art Center, who has had nothing but controvesy, a new home for basically free.

And you wonder why the school district claims because of area poverty they have to go to year round school?
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PostIcon Posted on: May 19 2014,9:11 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
correct me if i am wrong but if i recall correctly the city officials claimed that the freeborn bank building was important as they foresaw the building as to being the cornerstone of the uptown area! i fail to see where that building is going to be nothing more than the old hyde building down the block full of lower income tenements & free rent for the art center. 2 million + dollars = what kind of results?  wider sidewalks, bumpouts so the crowds of people can get across the intersections faster. i got news for you there are very few people uptown & i doubt that will change. our population county wise is decreasing & will continue to do so. our population today is what it was in the 1940's! the better paying jobs are in the twin cities or rochester. imho, the health care industry will be the mainstay of this community with the mayo system being the catalyst. with that thought in mind, i would suggest that the powers in charge take a good long look at the old wilson & co property to develop it into a total senior living area. instead of being critical of the seniors why not embrace them as this is a very fast growing segment of our population. pepole wonder why no good dining establishments do not come to town, well that is a no brainer as they take a look at the demographics & see negative growth in the population. that pretty much sums up why they are not coming! you got to have growth to entice them.  i fully realize that there will be some that see this as a negative post but i prefer to see it as stating some cold hard facts!

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Memento homo quia pulvis es, et in pulverem veverteris
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PostIcon Posted on: May 23 2014,8:12 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
is it just me or does the math get a little fuzzy regarding the bank deal?
it seems the city has about 2 million + dollars invested in the project. Selling it for $400,000 & still owing 1.6 million dollars.  yes, the city is getting out from the big white elephant & has saved a historical building but at what a cost! i am not a businessman nor am i in real estate but this project does not pass the smell test! on top of that i believe the deal also involves taking it off the tax rolls for a number of years.  the art center comes out of this in great fashion as they will be paying a whopping $1.00 a year rent on the first floor! i am sure this project was started with good intentions but it sure ends with a expensive lesson in real estate.

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PostIcon Posted on: May 24 2014,8:54 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Don't forget that we got a coffee house in the deal.

The math doesn't work, but the hope has always been that we can bring back our downtown.  Saving these unique buildings has some value that just can't be measured.  That being said, it is a good thing that the city can get out of these two properties with out additional expense.
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PostIcon Posted on: May 24 2014,2:11 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
when you have dumb ass people running the town you get  dumb ass deals  :dunno:
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PostIcon Posted on: Jun. 13 2014,3:45 pm Skip to the previous post in this topic.  Ignore posts   QUOTE
I know that keeping historical buildings is a good thing; however, right now with more businesses closing in A. Lea, we need money.
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