City of Yelm taxpayers will officially purchase the library condo purchase tonight!
From the Staff report on tonight’s City Council Agenda:
“The building will be divided into three units, the largest of which is the library, at approximately 10,000 square feet including the loft and first floor lobby. The library space represents approximately 59% of square footage of the entire building.
The other spaces within the building may be subdivided into additional units in the future. The Condominium Association would be Prairie Park for up to three years and then would be governed by a three member Board of Directors elected by the owners of the units based on votes weighted by the percent of area of each unit.
The association would be responsible for the maintenance of the common elements of the condominium, including the parking lot, exterior mechanical units, and the exterior of the building itself. The elevator is not a common element and would be maintained by the City, as owner of the library unit.
The City had an appraisal of the library unit completed by R.F. Duncan & Associates, Inc. who concluded that the fair market value was $1,200,000.”