SRC Buys 1010-1018 Main StreetT The Speedway Redevelopment Commission approved a $207,500 purchase of the building and property, located at 1010-1018 Main Street, on February 28. Graphics Communication International owned the property with one tenant at 1010 Main Street. As of March 7, David McDaniel, Business Representative Local Lodge PM. 2819 for Pattern Makers Union Shops, said he had not been informed whether he could stay or leave. Heather Barrett, owner of All My Relations, said she was not included in the acquisition. She said the building appears to be joined, but that impression is given by the façade. 1008 Main Street is separate from 1010-1018. On March 9, SRC President Scott Harris said, “Mr. McDaniel is welcome to stay and we are in the process of negotiating a new lease.” The future income rental collected from this property will be dedicated to the SRC’s operating budget. Some of the funds will be reserved to pay off the bond anticipation note. This is the first of future acquisitions the SRC intends to make. Statute allows government entities to buy property. Harris explained current negotiations are taking place with other property owners to assemble property as a bigger parcel for later redevelopment as per the master plan. Harris said the commissioners have several properties they consider to be key locations for the redevelopment process, but he did not elaborate to which ones. The SRC does not have an acquisition list prioritized. “It depends if the property owner is willing to sell.” The purchasing process requires the SRC to obtain two appraisals to determine the proprty’s fair market value. The master plan has not officially been adopted. It is in the draft stage that should be available for public review by May. The SRC is in the process of reviewing the regional transportation corridor study, consumer preference survey and suggestions offered for the three conceptual visions for the Speed Zone. This will all be compiled into the master plan. . |
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