City Officially Purchases US Bank Building for Renovation, Use as New Police Station

The City of Burlington has officially approved the purchase of the US Bank Building at a meeting last night, two months after voters approved the decision to move the Police Department into the building and two weeks after the initial purchase agreement was voted down by the council.

City Manager Jim Ferneau says that the new purchase agreement allows US Bank to continue leasing the building for up to two years while they move all of their operations to their facility on Roosevelt Avenue, which was included in the previous agreement. The new agreement sets the monthly rent price for US Bank at a higher rate.

“Not a lot different from the last time this was voted down, it’s a 1.2 million purchase price,” Ferneau explained. “It still has a two year term on the lease, the first 15 months, instead of how it was written before, it has it at $12,545 per month for the first 15 full calendar months and thereafter an amount equal to $15,440 per month.”

The agreement still needs to be approved by US Bank’s corporate property division.