BIDDEFORD — The city is considering a few options for restoring the clock tower that sits atop City Hall, including selling the building to a private entity that could more easily pay for the work.

In the November 2015 election, Biddeford voters for the third time shot down a bond to pay for the restoration of the 120- year-old clock tower, which many have called the icon of the city. The $2.27 million bond would have also been used for upgrades to City Hall’s windows and fire alarm and sprinkler systems.

During Tuesday’s City Council meeting, Phil Radding, the city’s facilities manager, explained to councilors the avenues now being considered to complete the project. All options will be explored more thoroughly, and it will take months before any decisions are made, he said.

Radding said the “most controversial” option would be to sell the building to a private entity that could apply for tax credits to help pay for the project. Then the city could lease the building back, he said.

Councilor Michael Ready said although many residents may initially be wary of that option, he thinks there would be a lot of benefits to it.

“A lot of projects … are able to come to fruition because of tax credits that (the city) can’t take advantage of,” Ready said. “I think people around here are in tune enough to know what’s happening with the old buildings to know there are advantages.”

Many recent construction projects in Biddeford’s mill district have moved forward in large part thanks to developers earning historic tax credits.

Ready said that even with the title of the building changing hands, arrangements could be made to ensure the city maintains as much control over City Hall as it currently has.

In an email following the meeting, Mayor Alan Casavant said other communities have successfully partnered with private entities to accomplish similar goals, but the method needs to be evaluated carefully.

“We are stuck between a rock and a hard place,” Casavant said. “City Hall needs to be repaired. The clock tower needs to be restored. The problem is not going away.

“Available tax dollars are limited, and this option seems to be a way to use private investment to save us some money. I think that it is important that we keep our minds open to all the presented options.”

Radding said during the meeting that other options include once again seeking a bond or seeking state grants and trying to match those grants through fundraising. “We have to think creatively,” he said.

Council President John McCurry said he hopes at least the upgrades to City Hall’s fire alarm and sprinkler systems will be paid for in this year’s budget.

— Staff Writer Angelo J. Verzoni can be contacted at 282-1535, ext. 329 or [email protected].