"Burroughs told me last week that they were going to withdraw their request. This does not mean that they don't still want to purchase the bridge," Marion said in an e-mail to the Daily Gate City. "I think they realize that they were moving too fast based on the (city) council."
Burroughs had offered to buy the bridge for $500,000, payable in the form of a 10-year note with an interest rate of four percent a year. Interest would be paid quarterly at the rate of one percent of the outstanding principal amount with interest payments due on the three-month post-closing date and continuing every three months thereafter until maturity.
Keokuk City Council members have balked at Burroughs' proposal to have the bridge fund, which currently has a balance of about $3.3 million, placed in a trust. Council members also have pointed out when Burroughs appeared before the council on March 4 he made it sound like an agreement in principal had been reached between him and the city on the bridge's purchase.
When contacted by phone this morning, Burroughs expressed hope that a deal could be worked out with the city.
"As soon as they (the city) agree to the terms, it (the notice of intent to buy the bridge) will be re-filed," he said.
Burroughs said the bridge fund had a balance of about $3.6 million at the start of the year.