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Rochester City Council has approved the sale of the Sibley Building.
Winn Development will buy the Rochester landmark for $5 million.
The developer wants to create space for apartments, offices and stores.
As part of the deal, $20 twenty million owed to the city by the current owner will be forgiven.
City Council approved the transfer of a $3 million loan to Winn. The loan will be paid back over the next decade.