Vote on Chateau Theater Purchase Scheduled Monday
Rochester, MN (KROC AM News) - The Rochester City Council is scheduled to vote Monday on a purchase agreement for the historic Chateau Theater.
The city has tentatively agreed to pay $6 million for the vacant building, with the Mayo Clinic contributing $500,000 toward the cost. If the Council votes in favor of the purchase, the city will be required to pay the current owner a non-refundable deposit of $65,000 that would be applied toward the purchase price. Approving the purchase agreement would also start the clock on a 60 day “due diligence” period during which the city could still back out of the deal, but forfeit the deposit money.
Following the 60 day period, the city would pay the building’s owner $1 million while the closing of the sale is still pending. If the closing date is pushed back beyond 180 days, the city would have to make another $1 million dollar payment to the owner, which would also be applied towards the purchase price.
At this point, the city has not even started the process of deciding on the future use of the Chateau Theater.
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