SPOKANE -- Time is winding down for the old Spokane YMCA building. The city is accepting proposals from developers to take the downtown property off their hands. If nothing happens by the end of the month, taxpayers could be saddled with a multi-million dollar bill.
Spokane's chief financial officer, Gavin Cooley, is waiting. Waiting for developers to say they want to do something with the building. They have until February 26.
The property has had a convoluted history. After the YMCA move out, the Spokane Park Board said it was going to demolish the building. County funds would have made it park space. And that is still the backup plan.
But in June of last year, the city stepped in to see if it could buy the building and lease it for retail and residential use. If there are no takers, the building will likely come down. The city has 20 years to pay the $4.3 million spent to buy the facility. Cooley says five developers have had informal interest in the property.
"It's in Riverfront Park which is really in the center of the city. Make sure there's a use, if it's out there, to take advantage of the park," said Cooley.
But factors, including the weak economy, may be keeping potential investors away. If no one submits a proposal by February 26, the city still has a deadline of early April to have the county buy the land.
