Lancaster city is formally seeking proposals for the vacant Bulova building and adjacent city-owned property in hopes of connecting a stagnant part of downtown.
The city intends to use eminent domain to take the Bulova building at North Queen and East Orange streets. That means the city would pay fair market value for the property and the building’s lien holders would then be paid.
The city issued requests for proposals on Friday.
Randy Patterson, the city’s economic development and neighborhood revitalization director, said the property is in a critical location downtown.
With less than three weeks to go before the center’s $64 million in construction debt was due to be restructured — pushing interest rates higher — officials on Friday extended the financing for three more months.
The move buys time for negotiation with lender Wells Fargo to come to terms the center can live with.
A consultant sounded the alarm a year ago that the nearly 4-year-old center could be forced to close if revenues were not significantly increased or financing fees cut.