The purchase for $6,950,000 plus related closing costs will be through the city’s Community Investment Corporation, represented by Woodward Development Corp. The properties known as the Tipp City Plaza and Tipp Center are owned by TCP Center Limited and are located south of West Main Street along South Garber and Tippecanoe drives, just east of I-75.
The city has tentatively agreed to accept the assignment of the purchase agreement and to retain the property for an undetermined holding period while the existing leases mature.
“A lot of hard work has gone into this to get us to this point,” said Councilman Ryan Liddy, citing the city and city council for making “a substantial step forward” in improving the area.
A study of options for the shopping center property as well as properties near and west of the Main Street (Ohio 571) overpass of Interstate 75 was initiated by the city. The city refers to this as the Uptown area. Woodard Development of Dayton was hired to conduct that study.
Credit: Jim Noelker
Credit: Jim Noelker
Once the shopping center purchase is finalized, plans are to make aesthetic improvements at the property during the holding period, said City Manager Eric Mack.
“Based on the current lease structures, we anticipate holding the property for two to three years, during which time we will work on improvements to the parking lot and landscaping to enhance the area,” Mack said.
The plaza was previously anchored by a Foodtown grocery store that closed in 2019, and it has seen other vacancies as well.
About one-half of the purchase cost is expected to be recovered through grants from the federal and state governments and planned issuing of Tax Increment Financing debt. The TIF debt is later paid through increased property taxes generated by the redevelopment.
“Based on this information, the city is projected to recover its full investment within 15 years,” Mack said.
The city also has discussed working with the Miami County Land Bank/Community Improvement Corporation on possible partnerships in three areas: environmental mitigation, demolition and holding real estate over multiple years.
Work is being done on a detailed redevelopment plan, with the current vision to transform the property into a mixed-use development that aligns with community priorities, Mack said. Mixed-use projects can include residential, office, retail, commercial and other uses.
Other deals with Woodard
Also at Monday’s meeting, council approved an agreement with Ascent Real Estate Advisers, a wholly owned subsidiary of Woodard Development, for assistance in maintenance and potential future listing of commercial/retail space in the existing center infrastructure during the holding period.
A consulting agreement also was approved with Woodard Development for the company to negotiate a purchase and payment to hold the property during negotiations for 60 acres of vacant land contiguous of the general Uptown area. The exact location of the property was not disclosed.
Contact this contributing writer at nancykburr@aol.com
About the Author