On Monday, The Des Moines City Council preliminarily approved the city’s $1,050,000 bid to purchase the YWCA building downtown.

The acquisition, which is expected to close on June 30 pending final council approval, follows private investor William Hunter’s withdrawal of an offer to purchase the property at 717 Grand Ave. for an undisclosed amount.

Hunter, who had said he expected to close on the deal in early June, could not immediately be reached for comment.

The YWCA had previously rejected the city’s offer of $1,025,000 to acquire the 0.5-acre parcel and 48,866-square-foot building, which is adjacent to a city-owned parking garage.

The city’s latest bid, which the YWCA has accepted, includes $1,050,000 for the YWCA property and $300,000 for a vacant parcel at 517 Eighth St. According to city documents, it also plans to spend $12,000 on “environmental investigation costs.”

A June 14 council communication, which was submitted by City Manager Richard Clark, sums up the city’s interest in picking up the assets:

“Acquisition of these properties is recommended for assemblage with the parking garage property, creating a unique opportunity for the city by securing greater flexibility in meeting future downtown parking or other development needs.”

At least seven offers by five potential buyers, including two hotel developers, a church group and the city, have been made on the YWCA property since it hit the market in early 2009.

According to the Polk County assessor’s website, the property has an assessed value of $3,940,000.