CITY OF SIDNEY SALE OF 812 13th AVENUE BUILDING
The City of Sidney has held two Public Hearings regarding the sale of the building located at 812 13th Avenue. Here is a summary of the transaction:
What the City of Sidney, City Council is selling to Worldwide Trophy Adventures (WTA):
- The property located at 812 13th Avenue, appraised at $1,092,000.
What the City of Sidney, City Council is getting for the building from WTA:
- WTA’s current building located at 1200 Pole Creek Crossing, appraised at $575,000
This recently renovated building will be used to house the City Police Department.
- $150,000 in cash. The city will use a portion of this to move the Police Department.
- WTA will forgo $275,000 in economic development incentives the city owes them.
These funds can be used by the City to help other local businesses get started or expand.
- WTA will allow the city to retain the parking lot located on the south side of Illinois Street, an estimated value of $92,000.
The city will use this parking lot to partner with Kimball County Transit System (KCTS) to bring people back and forth from Kimball County to Sidney to work and shop.
What the sale of 812 13th Ave IS:
The sale of a city-owned building to a local company enabling them to expand and bring employees to the downtown area.
What the sale of 812 13th Ave IS NOT:
It is NOT a tax increase. In fact, it is the opposite. The sale will keep the city from paying off the Tax Increment Financing (TIF) bond on the building, and all the holding costs related to keeping an empty building.