The City of Gadsden will soon be purchasing another plot of undeveloped land on the Coosa River. The city council earlier this week approved the purchase of the former Rainbow Cinemas property located on Rainbow Drive in Gadsden. The municipality will pay $1.75 million for the six acre river-front site. Mayor Sherman Guyton says that – with this purchase – the city will own development properties on both sides of the river and that they will begin accepting development proposals soon. The property will be purchased utilizing a loan from Generations Bank that will be paid back with the city’s Tax Improvement Funds. Gadsden’s Commercial Development Director, Lesa Osborne, says that developers are already expressing interest in the city’s riverfront properties.