Updated January 27, 2020
The purchase of the vacant four story building at 116 S. Grant Street by the city has been completed. It is now ours.
The purchase was finalized on Tuesday, January 21. The City Council had approved the purchase for $10.5 million at a special Council meeting on December 20, 2019.
Roseville Electric Utility funded the purchase with cash reserves that are intended for capital acquisition or one-time expenses and not ongoing operational expenses. Electric-rate increases will not result from this acquisition.
It is important to note that no General Fund monies will be used to complete the purchase.
Roseville Electric plans to occupy the first floor and one other, and will to hire a broker to lease the remaining two floors generating approximately $800,000 annually in revenue. A space planning analysis will begin shortly to determine the best use of the new space, and spaces in other city buildings made available with movement of functions to the new building.
As anyone who works or travels through Downtown knows, the building has remained unoccupied for several years. The building is in a highly desirable location adjacent to the Vernon Street Town Square, Civic Center, Sierra College satellite campus, three new bridges along Dry Creek, a roundabout, restaurants, shops, art galleries, a regional park, and two parking garages—both of which offer free parking.
“We’ve had our sights set on this building for quite some time,” said Mayor John B. Allard II. “This purchase will serve customers more efficiently especially as we prepare to add about 60,000 customers with new homes and businesses in west Roseville. It also will jump start activities and opportunities in the central core of our downtown.”