Tuesday, December 11, 2007

North River Update

City holds off on river land
Decision on OmniSource property left to Henry
Link (JG)

"Mayor Graham Richard will likely leave the decision on whether to spend $4.3 million to purchase 29 acres north of the St. Marys River to his successor.

John Urbahns, Fort Wayne director of development, said the mayor is still excited about the development possibilities the land presents, but the city won’t be ready to buy the property this year. The city’s purchase option, which expires at the end of this month, cost the city $25,000, which would have been applied to the purchase price.

“We will not be ready to execute the current option by the end of the year,” Urbahns said."
"The city, however, is still assessing the land and conducting environmental studies, Urbahns said. The environmental cleanliness of the site became an issue during the city election, as Richard’s administration declined to release environmental studies of the land.

That information would be made available as part of the final package if the city moves forward with the purchase, Urbahns said."


Eric White said...

This makes a lot of sense. There is no need to rush into purchasing the property.

Rachel said...

Does the city loose the $25K if the land isn't purchased by Dec. 31 or can that roll over if the option is extended?