The Fall River City Council agreed Tuesday Night by an 8-0 vote to allow the Fall River Redevelopment Authority to take over the Bank Street Armory and continue discussions with a Rhode Island-based developer who has expressed an interest in the building in order to redevelop it. 

Council amended the agreement to make sure the city has the right of first refusal if the building were to be sold by new ownership.

Developers have told the Coogan Administration that would likely spend anywhere from five to eight million dollars to restore the property as an events center.