Pursuant to Resolution No. 20-41, the Village of Frankfort offered for sale certain real estate improved with a single story building commonly known as 1 N. White Street. The Village set the minimum purchase price at $300,000, which is 100% of the appraisal value. Two proposals were submitted prior to the November 30th deadline.
At its December 9th and reconvened December 14th meeting, the Economic Development Committee reviewed and discussed the two proposals submitted. Committee members considered both price and proposed use to determine if either contract proposal is in the best interest of the Village and complements the fabric of the historic downtown. The proposals included:
- Bokay Flowers, LLC - $315,000; later amended to $325,000
- Great Space, LLC - $300,000
Both parties identified redevelopment proposals for the property and commented how their proposed use would enhance the downtown community at 1 N. White Street.
Bokay Flowers representative, Todd Morgan, proposed to relocate the existing business from 14 S. Kansas Street to White Street for the increased visibility and traffic count thereby opening the existing space for additional business opportunities on the west side of downtown.
Great Space representative, Michael Cartolano, proposed partnering with Briley Birkey who is starting a small business called Tiyi Bar, a café offering hot teas, iced teas, fresh pressed juices, and superfood smoothie bowls, as well as a space for special events which would be operated separately from the café/dine-in area.
Committee members considered both proposals and how each would fit into the overall charm and character of the commercial core of downtown Frankfort.
It was the consensus of the Committee to forward a recommendation to the Village Board to enter into a Purchase and Sale Agreement with Bokay Flowers, LLC, for the purchase of 1 N. White Street, in the amount of $325,000.00.
This sale will be on the Monday, December 21 Board agenda for action.