Put away the packing tape, park the moving van, and don’t even think about hanging plywood on the windows.

The St. Joseph City Council agreed Monday night to support Foutch Brothers LLC in its efforts to purchase and redevelop the Corby Building in Downtown St. Joseph.

Sunrise Senior Living, which currently manages the building, told its 65 residents last month that it planned to close the facility by Oct. 16 due to high maintenance costs.

Monday’s council vote likely ensures that the residents will not have to move out and provides job security for the building’s employees. The council passed a resolution of intent to loan Foutch Brothers $500,000, contingent upon the company closing its deal to purchase St. Joseph’s tallest building.

The resolution does not officially give the developers the money, but it shows municipal support that will help them secure private financing, according to City Manager Vince Capell.

Representatives of Foutch Brothers did not attend the meeting, and Steve Foutch did not return a phone call seeking comment.

Mr. Capell said the company contacted him about three weeks ago to express an interest in the building. The city and Foutch Brothers already have notified building residents about the plans.

“What we’ve tried to do is let the folks who live in the building know that there is a serious buyer, and they don’t have to move out,” Mr. Capell said. “We heard of a few that moved, but we also heard of a couple that moved in, so I think the word is getting out.”

According to information provided to City Council members, Foutch Brothers will continue to operate the building as a market-rate limited-assistance living community.

The council unanimously passed the resolution without any discussion. As the council began to move on to other business, Shawn Henderson, spokesman for City Employees United, stepped to the podium and asked Mr. Capell where the money was coming from. City Employees United has asked the city to cut spending so it can focus more on paying employee salaries and benefits.

Mr. Capell said $300,000 would come from cellular phone tax revenue, with the CDBG funds covering the remaining $200,000. The city manager stressed that the money was a loan that would be repaid in five years, not a grant.

“We understand where you’re coming from, but we’re looking at this glass as half-full, not half-empty,” Mayor Ken Shearin added.

Mr. Capell said he expected Foutch Brothers to secure financing within the next month, at which point the council would vote on a series of ordinances — two to loan money from the cellular phone revenue and CDBG funds and possibly others related to deed issues.

Foutch Brothers is redeveloping Mitchell Park Plaza at the site of the former Mead factory and has completed other local projects, including renovations at the former Everett School and the Lofts at 415 on Third Street.

Clinton Thomas can be reached

at clintonthomas@npgco.com.