City Council accepted a $3.55 million bid April 9 from MF Trinity Management LLC for the former Albertsons building at 610 N. Austin Ave.

The council's acceptance of the offer is contingent on agreement of the buyer to specific retail and use restrictions by the city, which will be negotiated on or before May 3, according to the motion from Mayor Pro Tem Danny Meigs.

According to city documents, the buyer plans to purchase the property and lease the facility to retail sales and service oriented businesses. The list of businesses MF Trinity Management could target to lease the space includes Fiesta Grocery, Gattiland, Trader Joes, Natural Grocers, Sunflower Markets, Spec's, Baskin's (western wear) and Dave and Busters, according to the document.

"We're trying to articulate the type of business to go in there without pinning the owner down too much with what they do," Acting City Attorney Bridget Chapman said. "What [the city is] looking for is something that is going to generate sales tax there and get the best bang for our bucks, something that is more upscale ... It's kind of a prime location, and we don't want to give it up for just anything to go in there."

Chapman said city staff could bring the negotiated terms—which could include a list of acceptable retailers or tenants that would be acceptable based on how much sales tax the city would like to see generated at the site—back to City Council on April 23 or at the council's first meeting in May.

"I think the city is really looking out to get the best return on investment there and also keeping in mind that is the gateway to our downtown, and we want it to look like the gateway to our downtown," Chapman said. "We do want to generate some return to the city with that property."

The city purchased the more than 56,000-square-foot building in 2008.