Timnath
Timnath approves $400,000 sale of vacant Old Town building
The contract puts $20,000 in escrow at closing, with portions released only if the buyers meet deadlines to open businesses or secure a tenant. The council did not dedicate proceeds to a master plan; spending plans remain for the budget.
The Timnath Town Council approved the $400,000 sale of a vacant commercial building at 4104 Main Street to Todd and Abbey Seufer on Oct. 13.
The contract puts $20,000 of the purchase price in escrow at closing, split between the building’s two halves. The buyers get $10,000 if they open a business operating at full capacity in the south half within 365 days of closing. They get the other $10,000 if they secure a retail tax-generating tenant or business operating at full capacity in the north half within 548 days. The town keeps each share if its condition is not met.
The town’s staff report says the town identified the property as no longer needed and listed it for sale in April. It describes the site as an opportunity for new or existing businesses in Old Town, one identified by the Old Town Steering Committee. It says Timnath Main Street and the council want retail and service-oriented businesses to put the property to use.
Council members differed over whether to commit sale proceeds to a specific plan. A council member proposed setting aside $300,000 for an Old Town area master plan to identify improvements in Old Town and the Poudre River corridor. The member said a plan could keep revitalization from proceeding piecemeal by addressing development, infrastructure, implementation steps and financing. Council Member Jeramie Holt favored reinvestment without requiring a particular study: “I'm 100% in favor of it going back into the revitalization of Main Street.” Another speaker supported studying a master plan but opposed setting its cost before experts assessed the work, citing studies costing $50,000 and $300,000.
A staff member said staff would budget $300,000 for Old Town investment if directed, putting a plan first and using any remainder to move it forward. Another speaker said the council could budget the proceeds for the following year, but could not count on the money until the sale closed. The member who proposed the plan said the 2027 budget could include up to $300,000, with a request for proposals helping determine the work. The council did not amend the sale resolution to direct the spending; its funding intent would be finalized in the budget, a speaker said.