“I certainly believe they are the largest private sector landowner in the park, absolutely,” Kettering Economic Development Manager Amy Schrimpf said of ICP.
ICP’s Miami Valley Research Park properties include five office buildings that include 1900 Founders Drive, and 3123, 3139, 3155 and 3171 Research Boulevard. All are part of the Cleveland-based company’s Sixth River office campus.
Credit: STAFF
Credit: STAFF
“They are doing amazing things and we are pleased to have them as an investor in the park,” Schrimpf added.
The deal involving vacant Research Boulevard acreage will help Kettering “attract major employers,” according to City Manager Matt Greeson.
It will also allow Industrial Commercial Properties to offer “build-to-suit options … something that we couldn’t provide with our current (park) portfolio,” Dean Miller, an ICP senior vice president, said in a released statement.
Kettering is hoping “to attract the high-paying manufacturing jobs, engineering, research and development-type jobs,” Schrimpf said.
The economic development agreement includes selling the land for $1.7 million to ICP, which would build a facility of at least 150,000 square feet, city records show.
In May, Kettering sold 28.5 acres of vacant Research Boulevard land to an ICP subsidiary, according to Montgomery County land records.
That transaction to Kettering Research Park Land LLC included a purchase price of $285,410, officials said.
ICP has talked about building an apartment complex in the 300-unit range on the smaller parcel purchased in May. That land is just north of Reynolds & Reynolds, across County Line Road from the Beavercreek side of the 1,250-acre business park. If constructed, it would be the first residential building at the business park.
“We see the potential of the area, especially now that a future residential component will be coming on board,” Miller said.
The spring deal gave the real estate development business about 68 total acres at the business park, Miller has said.
The contract approved Tuesday night states the 150,000 square-foot facility would be built before the end of 2024.
“The end user will commit to bring at least 100 jobs and a payroll of $9 million to the property or some other job creation and payroll commitments documented in a JobsOhio offer letter” that’s acceptable to the city, the contract states.
ICP “will attempt to have a lease with an end user” in place by the end of this year, according to the contract.
The city will contribute up to the purchase price “for construction of roadway infrastructure subject to improvements” to be addressed in the future, Greeson said.
“And we will work with ICP to pursue grant funding to offset the cost of infrastructure development. Grant funds that may be attained will lessen the city’s contribution to infrastructure costs,” he added.
Depending on the end user, Schrimpf said, possible grant fund options may include the Ohio Department of Transportation, JobsOhio or Montgomery County ED/GE money.
ICP will subdivide the property “into several buildable lots” and “prepare the site for the economic development that we anticipate,” Greeson said.
If ICP is unable to satisfy some of terms of the deal, “the city has the right and ICP also has the right to cause within a certain window of time by the end of February 2025 a repurchase by the city of unleased portions to the property,” he added.
Kettering bought about 300 acres at the business park in 2017. Once this sale is finalized, the city will have sold more than half of that land, city officials said.
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