CASPER, Wyo. (Wyoming News Now) Casper City Council members will decide whether to sell the Plains Furniture building Tuesday.
The Plains Furniture building in Casper, Wyo. on Monday, Nov. 4, 2019.
Flag Development, LLC submitted a bid to buy the property for about $500,000. The city paid $3 million dollars in 2016 for the building and other nearby properties.
According to Flag Development’s website, the property would be called “The Nolan.” It would be a mixed-use development including apartments and retail spaces.
Opponents however, are concerned about the direct financial loss the city will take if it accepts the bid. On Oct. 15, council members rejected the same bid because the potential direct loss.
Councilman Bob Hopkins, Ward I, voted in favor of the proposal at the Oct. 15 meeting.
“It is a significant loss but I think you still have to look at what’s the cost of lost opportunity. I mean, we’ve been sitting for four years and there hasn’t been many people beating a path to our door. The two appraisals we’ve had have actually trended down,” he said.
Hopkins said the development will also bring money into the downtown and Old Yellowstone District areas, which could increase tax revenues.