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As the former Butterball plant steadily comes down, the Longmont City Council on Tuesday will consider on first reading whether to enter a public-private partnership with the turkey plant campus’s new owners and the Longmont Downtown Development Authority.

The partnership will facilitate what is now being called the South Main Station, centered around the First Avenue and Main Street intersection. The former Butterball plant at 150 Main St. is set to become four five four-story buildings containing approximately 300 apartment units and 10,500 square feet of commercial space along Main Street. Demolition of the site is expected to be completed by the end of the month.

Wibby Brewing is planning to open a brewery and taproom at the 209 Emery St. property. The granary building at the northeast corner of 2nd Avenue and Emery Street is slated to become a collaborative office space while the property at the northwest corner of that intersection will be developed into more commercial space.

The partnership would cost the city roughly $2.05 million, comprising $1.25 million for demolition and cleanup of the former Butterball buildings, up to $500,000 for a traffic signal and roadway and sidewalk improvements and $300,000 as the value of reallocating a water and sewer line.

The project is projected to generate 240 jobs and $252,704 of property and sales tax in the first year, nearly $1.3 million after five years, $2.6 million after 10 years and nearly $5.5 million in a 20-year period.

That $2.05 million will make up a little over 3 percent of the project’s $66.5 million price tag. Nearly 30 percent, or $19.4 million, will come from the owner — 150 Main LLC — and 65 percent, or $43.3 million, to come from bank financing.

Separate from the official investment into the project, the city has also started design work on repaving that portion of Main Street and putting in Dickens Farm Park south of First Avenue.

The turkey plant was closed at the end of 2011 and the various properties listed for a price of $16.5 million. Project developer Brian Bair has said in the past that developing the area is not without risk.

In a council communication, David Starnes, the city’s redevelopment and revitalization manager, noted: “The area is blighted, public perception of the area is very low, and the railroad tracks and train noise are problematic. The First and Main area is also not a proven area for residential and/or mixed use and there is a high level of development risk for new residential, retail and office. However, these challenges can be mitigated with a public/private partnership.”

Karen Antonacci: 303-684-5226, antonaccik@times-call.com or twitter.com/ktonacci