MANKATO — The city of Mankato is planning on selling two downtown parcels for a total of $147,900.
The parcels are both about a half acre each, but one, at 120 E. Main St., is much more valuable. It is now occupied by Southern Minnesota Orthodontics.
The city has been renting the property to a company, GKW Properties, since 1986, most recently at a price of $6,883.50 per year. The company wants to buy the property at its appraised price of $136,500.
The city’s ownership of this parcel, as well as others in the area such as Meyer & Sons TV & Appliance, dates back to the city’s acquisition of land to build the Veterans Memorial Bridge, City Manager Pat Hentges said.
The other parcel is behind the former Barnett Portrait Studio at 100 Minnesota St. It is worth much less in part because the lay of the land — part of it is a former streambed — makes it difficult to build there. Added parking for the 100 Minnesota St. building is a possibility, though.
Garry Barnett, representing the building owners, told the city he is interested in purchasing the site. The appraised market value is $11,400.
Barnett would like a year to have the sole rights to buy the property, called an option. For that right, he’ll pay $342, which would be applied toward the purchase price.
The sale money will go into an economic development account.
The City Council approved the request to sell the GKW property and grant the option for the Barnett property during its meeting Monday.