Forest City Council Looks Strongly at a Capital Lease for City Property (Audio)

The Forest City Council continues to explore the options of the property behind that library that is currently owned by the city. The Sheehans, who lives next to the property, want to either lease or buy the site and turn the property into a Victorian garden. The city explored the idea of a capital lease as City Attorney Steve Bakke explains:

The library had proposed the idea of expanding onto the property which, if that did happen, the city would have to move utility lines and fix easements. However, the city would still own the property, so expansion is possible. Bakke likes the idea of the capital lease because it gives the city time to explore library expansion, but there is a time limit on the exploration:

The city council authorized Bakke to draft a lease agreement allowing the legal department to determine the length of the lease and the purchase price of the property.