City negotiating deal to sell industrial land

Wednesday, September 13, 2006

Construction crews could start moving dirt at one of Greencastle's industrial properties before the end of the year if city officials approve the contract specifying the work.

Members of the Green-castle Redevelopment Commission will meet Wednesday to discuss the proposal, by Garmong Construction of Terre Haute, to construct a speculative (spec) building on property located on the west side of Fillmore Road near Lear Corporation.

Greencastle/Putnam County Development Center Director Bill Dory said Garmong has agreed to pay the city's asking price of $195,200 for 9.76 acres of land known by city officials as the Sgt. Cunningham property.

Garmong would front the cost of constructing the building, however, the city would be responsible for paying the interest on the work.

Greencastle City Attor-ney Laurie Robertson-Hardwick said the typical interest period for projects like this is 10 years.

Once the building sells, Garmong would refund the city for the interest it paid for the construction, Hardwick said.

She went on to explain that if the building does not sell within a still unspecified period of time, the city would be able to recoup its money.

"We're still negotiating some of these items," Hardwick said.

Redevelopment members met last week to begin discussions on the contract and make some changes. They have scheduled a special meeting for 5 p.m. Wednesday, Sept. 13 where they could approve and sign the official agreement. Frontpic

Dory said that Garmong officials have expressed an interest in beginning to work at the site by the end of the year, provided the weather holds out. If not, they would presumably begin in the spring.

In other development news, the board gave authorization for Dory to put all, or part, of city-owned property next to the Putnam County Airport up for sale.

Dory said an "interested party" has asked about possibly buying a portion of the land located on the east side of the road going into the airport. The land runs from Ind. 240, along Ballard Lane, to the airplane hangars located to the south.

With the approval, Dory is able to get appraisals for the property, as well as establish an asking price and put together an offering sheet outlining some of the specifications of the property.

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