City gives Barker two years to move on Block building

FORT MADISON - The real estate company that stepped in to help the city rehab a couple historic buildings now has exclusive rights to another historic building.

At Tuesday's regular meeting of the Fort Madison City Council, the council voted 7-0 to give Barker Financial of Iowa City a two-year exclusive option on the former Humphrey building, now called the Block building at 732 Avenue G in downtown Fort Madison.

Barker Financial is giving the city a non-refundable $1,000 cash payment for the two year option, but Barker's will be the only entity working with the city on the purchase of the building.

The city has owned the property since April 1, 2022.

"I have gone through this and I have put an option on the table and this is what's in front of us," Mayor Matt Mohrfeld said.

Rebecca Bowker asked that City Council be kept apprised of all developments over the two years of the option.

Mohrfeld said Barker will keep the city up to date until the moment of sale and immediately provide the city a timeframe of their plans and they are required to meet with the city monthly.

The city is required to work with the Barker group on any grants, abatements, and other revenue opportunities as part of the agreement.

Other realtors in attendance pushed the city on why the property was never officially listed for sale.

Councilman Rusty Andrews said the building has been written about and talked about for several years and the city has owned it for six months. In that time, he said anyone could have approached the city about the status.

"I would think that's a good as buying an ad in the Bonny Buyer," Andrews said. "Did you want us to list the building nationally? We have people who are charged with marketing this town and they have vacant buildings."

Mohrfeld said Barker's have a solid reputation and a plan for developing the building. He said without those resources, its a difficult project for most.

The city will retain ownership of the building during the two-year term unless a purchase agreement is executed, however the city will still be responsible for all repairs and maintenance on the building during the duration of the agreement.

If a purchase agreement is reached, Barker will reimburse the city for the cost of the temporary wall shoring and securing the roof to prevent leaking.