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SRA Buys Main Street Site
(posted Dec 31)
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This parcel at 10th and Main, show here outlined in red on the master plan,
has 7.6 acres
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The Speedway Redevelopment Authority needed only six minutes to conduct
its third meeting since its inception in May. The authority members exercised
an option to buy Norman Gallivan's property at Main and 10th streets, the
site of the former Electric Steel Casting Plant. The Speedway Redevelopment
Commission placed an option on the property that was due to expire on December
31, 2008.
SRC Executive Director Scott Harris said the authority could close on the
property within 45 days. There was no public discussion of the purchase
amount or what the site is to be developed for.
At the June 11, 2007 SRC meeting, Harris said the $1.729 million option
to buy the property would make sense once the master plan was unveiled.
Harris explained the 18 month option would give the SRC time to find a
developer.
Barnes and Thornburg Attorney Jim Gutting said the purchase amount was
$1.6 million. The money is coming from the bond anticipation note received
November 25. The BAN note was not to exceed an estimated $5.7 million.
Part of the BAN retired the SRC's BAN of a $3,169,309 received in 2006
and 2007.
The SRA also approved a resolution that allows the SRC to submit claims
to be paid from the authority's BAN note. The SRC also has access to tax
increment revenues to cover claims. The tax increment revenues are also
the future revenues to pay off any future TIF bonds.
The resolution also gives the SRC executive director the ability to serve
as the administrative officer for the authority, which gives him the power
to carry out contracts.
The next redevelopment authority meeting is January 26 at 5 pm in the town
hall.
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