Council’s vote Monday involved financing, specifically issuing $4.5 million in short-term notes for property purchase. The city also would commit $2.5 million in cash to cover acquisition costs of almost $7 million.
The city also is looking at other possible funding sources such as grants and working with the Miami County land bank to help offset costs, said John Green, city finance director.
The proposal calls for the purchase of around 12 acres that includes include the main plaza area west of South Tippecanoe Drive and a strip of businesses east of South Tippecanoe Drive. This would include outlying properties at the Plaza that are home to CVS Pharmacy and the former Burger King building.
There are no specific plans for the property yet, Eric Mack, city manager, said last week.
The city is working with Woodard Development of Dayton on a purchase agreement along with concepts and plans for the marketing and development of the property.
Council President Kathryn Huffman said the city Community Improvement Corporation, or CIC, has been working for months on a possible project for the property that generated “a lot of talk about doing something about this property.”
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