RiverBank property sold; city halts bonding plan
News of the sale of The RiverBank building has closed the opportunity for the city of Wyoming to purchase the building for conversion to city offices. The council on Tuesday, Aug 7 also put a stop on plans for a capital improvement bond that would have funded the purchase and provided dollars to convert the existing city hall to a public safety building.
Andrew Odney of Colliers International confirmed Tuesday that the building had been sold. Representing the FDIC, Odney said he was limited in what he could reveal about terms of the sale, but said the deal closed July 24.
Bob McCullough, a developer with properties in Forest Lake and Wyoming, confirmed purchase of the vacant bank building on Wednesday, Aug. 8. He said he views the building as an investment opportunity.
The deed filed with the Chisago County Recorder on August 7 shows Robert McCullough and McCullough Family Partnership, L.P., hold equal interest in the RiverBank building, located at 26777 Fallbrook Ave. in Wyoming.
McCullough owns or partners with others in real estate investments in the two communities. He views the building as a good value and believes it is more appropriate as a business site than as a city hall.
The effect of the sale influenced city council actions on Tuesday.
Council adopted a resolution acknowledging receipt of the citizen petition requesting a referendum on the city’s proposal to issue General Obligation Capital Improvement Bonds.
By a vote of 4-0, the council adopted the resolution. Council member Steve Zerwas did not attend the meeting.
While the council adopted the resolution and accepted the petition, it has no practical effect. Craig Mattson, city administrator, said there is no need now to sell the bonds, therefore no referendum will be on the November ballot.
Any revival of expansion plans for city facilities would require the process to start from scratch, Mattson said.