TREASURE ISLAND — The glass-clad Allied building at 10451 Gulf Blvd. will become the new city hall here based on a unanimous vote Tuesday by the City Commission to buy the building for $6.35 million.
To pay for the 1.42-acre property and the needed upgrades and improvements, the commission previously authorized an $8-million bond issue.
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The purchase will be final once all stipulations in the purchase agreement are met and the commission approves the final bank loan associated with the bond issue, now scheduled for late December.
The loan will be paid with non-property tax revenues that will be replaced by a property tax increase of about $0.08 per $1,000 of assessed, taxable property value. That's the equivalent of $22.83 annually for properties valued at $300,000 after all exemptions.
Mayor Larry Lund described himself as "excited beyond belief", as he praised City Manager Garry Brumback for "a wonderful job" negotiating the sale.