LEEDS (AP) - The historic First National Bank building has at least a reprieve from the wrecking ball.

The city has two offers to purchase and restore the century-old building that housed the Leeds City Hall and Library from 1934 to 1997.

The City Council delayed for at least a month a decision on whether to demolish the building. City Auditor Tammy Urness said two bids for demolition were too high.

The council decided to re-advertise for bids and ask the two parties interested in buying the building to submit more detailed plans for restoration. The proposals will be reviewed June 4.

At Monday's City Council meeting, residents Harriet and Lyle Bracken presented the city with a petition containing names of about 70 residents who support preserving the building. Leeds has about 460 residents.

Those interested in buying the building have said they want to restore it in time for Leeds' 125th anniversary celebration in 2011.

Julie and David French offered $5,000 to buy the property as is.

"Our interest in saving City Hall is because that's my favorite building in town. It holds so many wonderful memories," said Julie French, an Everett, Wash., resident whose grandparents, Emma and Arie Schaap, grew up in Leeds and raised 10 children - including Julie's mother, Donna - there.

The Frenches said they became interested in the property when they learned of the city's plans to demolish the building. They made earlier investments in the community.

In 2005, they bought a house in Leeds and remodeled it for use as a second home. Last year, they purchased the house next door.

"Leeds holds a lot of family history for us. We wanted to find a nice small town. It's a nice small city I'd like my kids to experience," Julie French said.

The second proposal to buy the historic building came from a group in central Minnesota. David Johnson, a North Dakota native, is a real estate agent with IBR Realty, working in the Alexandria and St. Cloud, Minn., areas.

Johnson did not identify the interested buyers, but they released a statement to the Grand Forks Herald saying they have a "deep interest in the historic architecture of the smaller communities in the state of North Dakota."