The Jefferson City Council wants to take a closer look at a piece of property before deciding to sell or continue leasing it to a local business.

The property, located at 55 College St., has been leased for the past four years to Douglas E. Sims for Direct Supply Co. Inc.

Sims’ lease expires at the end of the year, and he has offered the city $75,000 to purchase the property.

"We need to take a look at the situation to see if it would be better in the long run to have some sort of income coming in to the city, instead of just one lump sum," council member C.D. Kidd III said during the council’s regularly scheduled meeting Monday.

The initial lease agreement outlines that Sims was to pay $750 in rent to the city for the first year of the contract, with the monthly leasing rate increasing by $50 every two years.

If the city chooses not to sell the property, City Manager John Ward said there are some repairs that need to be done on the building, including repairing outside masonry and the roof.

"If the city decides not to sell the property, we will have to determine where the money for the repairs will come," said Ward.

Repairs for the building are estimated to cost between $30,000 and $50,000.

"It would take around four to six years to recover the cost of the restoration before we would be back to a revenue-generating position," Ward said.

Ward is expected to present several restoration estimates at the next council meeting, at which time the group may take action on the property.

During the meeting, the council also approved a resolution honoring the late Robert M. Bailey. Bailey, a former Jefferson mayor, died March 5.

"If you didn’t know Mr. Bailey, you missed out on a treat," said current Mayor Jim Joiner.

"He is the last surviving former mayor of Jefferson. Because during his years of service, he was a consummate supporter of the city of Jefferson and the Jefferson City Schools, and, through his efforts and leadership, both are better places."

The meeting was held at the Jefferson Civic Center on Kissam Street.

The council also appointed John Blackstock and Julius Mason to new terms on the Jefferson Public Building Authority.

The City Council’s next scheduled work session was set for April 13, but the group voted to move that meeting to April 20, with the subsequent voting session scheduled for April 27.