MADISON, Wis. -- It is a seldom used power that the University of Wisconsin-Madison says it is considering using again.

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WISC-TV first reported on Tuesday about the possibility that the university could condemn private property owned by Brothers Bar and Grill.

Because it is an arm of state government, the UW Board of Regents granted the university the power of eminent domain. This means if negotiations between the university and the two property owners don't lead to a sale agreement, the university could condemn two private properties, WISC-TV reported.

"This (eminent domain) is an option of last resort. We've been engaged with the property owners in this case for sometime, we're continuing to talk continue to negotiate and ultimately we want to find a situation that everybody can come away from the table feeling good about," said Dave Giroux, spokesperson for UW System.

Irene Winkler owns a small business with a 7-foot frontage on University Avenue. Her business and Brothers Bar are the two remaining private properties on the lot where the university wants to build a new concert facility for the School of Music. The university owns the remaining businesses.

Winkler said the property has been in her family for more than a century. The business has been a bakery, a kite shop, a T-shirt shop and it is currently a hair braiding businesses called Styles 4 Us. Winkler says she rents the space to a nursing student.

The 72-year-old retired nurse said the university has not been forthcoming with information about a buy-out. However, she says she's willing to sell her property to the university after the tenant is out in about two years.

"If the university has a nice project in mind and especially music, I would like that too, I'm not going to stand in there way," said Winkler. “But I would like to take care of my tenant, I'd like to take care of myself , this is part of my support for myself."

The second property owners are Eric and Mark Fortney of Fortney Companies. Eric Fortney spoke with WISC-TV. He says his family and his brother’s family depend on Brothers Bar. Fortney would like the university to shift the building location 65 feet so that their business can continue without changes.

The university has used its power of eminent domain before. The last time the UW followed through with condemning private property was in the early 1960s when it bought out residents and businesses in order to build the Southeast Dorms.

Then in 1990, the university was granted eminent domain authority when it was looking to build Granger Hall. But in this case, the university reached a sale agreement with affected residents before condemning their homes.

Negotiations are ongoing with the two current property owners. The university says it is looking to find a ‘win, win, win’ solution for the university, property owners and taxpayers.

"The university is being fair and being very thorough about this and as taxpayers they should know we're not going to use their tax payer dollars to pay more than fair market value for any property regardless of how important it is," said Giroux.