Steamboat Springs — The Steamboat Springs City Council is continuing to weigh the possible sale of the Iron Horse Inn behind closed doors.

The council took no action after an executive session on Tuesday night that was called to discuss the potential sale of the property that currently has a defunct hotel next to an apartment complex that houses about 50 tenants.

Councilman Walter Magill said negotiations with two parties who want to purchase the property are ongoing.

He declined to offer details about the potential sales.

City staff is keeping all of the proposals it received so far confidential while the council negotiates with potential buyers.

If the council chooses to move forward with a proposal, it would have to do so publicly, and there would be a public hearing before the sale could advance.

Public comment the council received on Tuesday night from a local commercial real estate broker and the state’s first director of the Colorado Outdoor Recreation Industry Office shed some light on council’s closed-door discussions.

Those who commented at the meeting suggested that the city council is weighing a choice between a sale that would have the Iron Horse property become workforce housing for families, or host office space and serve as an “incubator” for outdoor recreation businesses.

Several tenants at the Iron Horse are hoping it remains workforce housing.

The council invited anyone interested in the Iron horse to submit their ideas to the city.

Regardless of whether the city sells the property, it will pay $470,000 to $480,000 per year until 2032 to pay off the debt on the property.

To reach Scott Franz, call 970-871-4210, email scottfranz@SteamboatToday.com or follow him on Twitter @ScottFranz10