Steamboat Springs’ old fire station is under contract for $5.5 million after city council approved an ordinance allowing the sale on Tuesday, May 3.

The property at 840 Yampa St. entered contract on April 15, and the closing date on the sale is June 29, according to a copy of the contract included in the night’s meeting agenda packet.

Max and Karen Speyer are listed as the buyers. According to Village Real Estate’s website, Karen Speyer works as a real estate agent out of Nashville, Tennessee.

The city’s charter requires the sale of any interest in property owned by the city must be approved through an ordinance. During Tuesday’s meeting, after an executive session, city council voted 6-0 in favor of the ordinance.

The sale includes the adjacent parking and a lease agreement with outdoor gear company Big Agnes, which occupies the upper level of the building.

Big Agnes is currently in the middle of a five-year lease dating back to March 3, 2020, which can be terminated by the property owner on March 3, 2025, if given a year’s notice, or may be renewed for two additional five-year terms.

The terms of Big Agnes’ lease also included the right of first refusal and the option to match any purchase offers.

The two-story fire station is 12,810 square feet and sits on a half-acre plot of land.

The city listed two parcels for sale — the upper and lower levels of the fire station, which originally listed for $4.5 million, and the 0.3 acre parking lot at Eighth and Yampa, which listed at $2 million.

The parcels were sold together at the $5.5 million price.

According to the contract, the terms of the sale grant the city the ability to continue using the old fire station building until the new station is finished, at the cost of $100,000 a year.

This leaseback agreement can go for two years with an option to extend for a third year.

The city will pay $206,250 in broker commissions at a 3.75% rate.

The money from the sale will go toward building the new fire station that will be a part of a municipal services complex that will replace the old city hall building on 10th Street between Lincoln Avenue and Oak Street.

Construction on the new building is expected to begin in 2023.