The property would 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.
The proposed purchase with a goal of redevelopment was announced by the city just before the monthly meeting of the city’s Community Improvement Corp. There are no concrete plans for the property’s future at this point, said Eric Mack, city manager, adding, “so anything is possible today.”
Tipp City Council is scheduled Monday, Sept. 16, to vote on an ordinance that would approve issuing $4.5 million in short-term notes for the property purchase. The city also will commit $2.5 million in cash to cover acquisition costs of just under $7 million, the city said.
City council would like to hear from the community about the proposed purchase and redevelopment, said Kathryn Huffman, city council’s president who also chairs the CIC.
“It is a big project. Hopefully, we will get a lot of feedback,” Huffman said.
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 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.
Tipp Plaza around a decade ago was anchored by a Food Town grocery store (closed in 2019); medical offices; small restaurants and other smaller businesses. The main Plaza building itself today is home to a Subway, Family Dollar and a couple of smaller businesses. The outlots included a Burger King, which now is closed/vacant. The Speedway station at the corner of West Main Street and Garber Drive is not part of the Plaza property.
The city emphasized three items regarding the redevelopment plan, including the project serving as a catalyst for added redevelopment of properties along West Main Street (Ohio 571) from the Plaza area west to the intersection with County Road 25A. The city refers to this as the Uptown area.
The city has been working with Woodard Development of Dayton on the purchase agreement along with concepts for marketing and economics of a project and to develop strategies for future development in the Uptown area.
Layout options for the property have been discussed, the city said. These have included a mix of residential dwellings, stand-alone food service establishments and other retail opportunities.
The sale of the $4.5 million in notes likely will occur the last week of November or the first week of December, with the purchase agreement to be complete by year’s end, said John Green, city finance director.
“This is a significant investment and a long-term endeavor, and it is an exciting opportunity to rejuvenate one of the key entrances to our community, creating new retail spaces and opportunities for residents,” Mack said.
Contact this contributing writer at nancykburr@aol.com
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