SRC Releases Latest Acquisition List

(posted Apr 6)

The Speedway Redevelopment Commission added more property in the Speed Zone to its acquisition list. The April 4 acquisition announcement tagged 38 parcels, including 11 from the IMS, two from the Town of Speedway and  Marathon Ashland Petroleum. The public hearing is scheduled April 15 at 6 pm in the town hall.

The SRC valued the Marathon tank farm's 1,270,972 square feet at $200,000, while the 371,517 square foot vacant site of American Art Clay and Steak' N Shake was valued at $1,000,000.  The Brickyard Shopping Center was the highest valued parcel on the list, coming in at $4.2 million.  Prices range from 15 cents per square foot for Marathon Petroleum to $74.85 per square foot for one of two parcels owned by USAC at 16th and Main.

Although the legal notice came with a disclosure stating negotiations and appraisals could alter prices, the preliminary numbers indicate the SRC is willing to spend an estimated $16.8 million that will the lower the town's assessed valuation by $16.3 million by removing the parcels from its tax base.

For more details, click on the Navigator's analysis. Click on the parcel number to view the property's location.  Assessed valuations are based on the 2006 post reassessment values.