Other reasons were to finance site improvements and to take advantage of the area's reviving market, he said.
A number of site improvements are underway and a portion of the grounds has been turned to agricultural use.
Additional site improvements, including landscaping and interior work, were completed in early 2010.
The city invested $6 million for site improvements.
He expects the final cost (with site improvements) to reach $200,000.
A separate contract for parking lot and site improvements was completed on September 12, 1966 at a cost of $168,176.
Under the terms of its deal with Century 21, Spiegel is paying for site improvements, which are costing $700,000.
The developer must also provide many site improvements, estimated to cost about $325 million.
The total cost of the building, including site improvement, was $1,560,959.
The plan calls for direct subsidies of $100 million each from the city and state for site improvements to the area.