The Hailey City Council is allowing for a 60-day feasibility study on the potential purchase of some prime Valley real estate. The property comprises a quarter of the city block at 116 South River Street in Hailey at the corner of River and Croy streets. The parcel size is exactly the same as the parcel upon which the current Hailey City Hall/Library building stands. It currently houses a building occupied by Copy & Print, which was constructed in the mid-1960s for use as a post office facility. The agreement sets an evaluation period of 60 days during which the City of Hailey may examine the feasibility, benefits, affordability and public sentiment of a potential purchase.
Hailey officials learned a few weeks ago that property had been listed for $1.1 million. In pursuing the matter, Hailey also learned that the seller is willing to enter into a 60-day purchase and sale agreement that allows Hailey to perform due diligence and explore the viability of making the purchase.
“This is a generational opportunity for the City of Hailey,” said Mayor Martha Burke. “We are very grateful to the seller for setting aside 60 days in a hot real estate market, allowing Hailey to deliberately and methodically consider whether or not the public good can best be served through this purchase. If during or at the end of the 60 days we identify it is not in the public’s best interest to pursue the purchase, we can back out without any penalties or costs.”
The mayor convened a special Hailey City Council meeting on Monday, June 21, 2021, at 4:30 p.m., to consider a counteroffer. The counteroffer was reviewed in a short executive session followed by open-session deliberation and a motion to set the final purchase price at $950,000. The city also authorized an agreement for inspection of the building, launching the analyses and due-diligence period.