LOUISVILLE, Ky. (WDRB) -- A historic building in New Albany is ushering in a new era for the city.

The old Reisz building on Main Street has been vacant for decades. It was slated for demolition until officials announced Tuesday the city is buying the building and renovating it, a move city leaders call a win-win.

"It would save us money in the long run to move out of the city county building and to purchase this building," city councilman Dan Coffey said. "It would help clean up part of downtown."

The city pays about $25 per square foot for rent at its current building. The new space will cost only about $9 per square foot. 

Reisz has been home to several businesses including the Kraft Funeral Home and a flour mill. Once complete, they'll move City Hall and the council chambers to the site.

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