Rainbow market building sold

Seller signed confidentiality agreement on who buyer is
By: Stephanie Dumm, News Messenger Reporter
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City staff announced during the Sept. 2 Lincoln Democratic Club meeting that the building once housing Rainbow Market had been sold earlier that day. City Manager Jim Estep told the audience that he’d heard “two hours ago” that it had been sold but didn’t know who had bought the building.” Fred Katz, a principal for KKP-Kim Properties, LLC, the company that owns the Rainbow Market building located at Third Street and Highway 65, wouldn’t say who bought the building. “We signed a confidentiality agreement with the buyer of the building so I can’t comment who the buyer is,” Katz said on Friday by telephone. “We signed a purchase and sale agreement with the buyer.” Katz said the buyer has the right to buy the property until Dec. 31, and will need to “do whatever studies and processes the city requires of them.” The buyer “would also need to make sure the building can be used for what they’re intending to use it for,” according to Katz, and the buyer would need to contact the city “to get the ball rolling.” The buyer has not yet contacted the city, economic and redevelopment manager Steve Art said on Tuesday morning. “I have no news to report,” Art said. “The current owner has signed the sales agreement and sent it off to the buyer.” The News Messenger asked Art how the city is planning to assist the buyer when it comes to any requirements the city has for the building, such as environmental studies and remodeling. “I don’t know who the buyer is, and that depends on what (type of business) it is,” Art said. “If it’s a grocery store, really none. At this point, until I know what it is, I can’t tell you what we need to do or what will happen.”