OWATONNA — The city believes it has finally found a solution to the long-vacant Arnold Hotel in downtown Owatonna and is putting up $200,000 to make it happen.

At the city’s monthly Economic Development Authority meeting, which was moved up a week to provide faster consideration to the deal, Owatonna Community Development Director Troy Klecker reported Equity Bank, which has owned the vacant property on Vine Street since 2006, was finally willing to part with the property that it had previously valued at $340,000.

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