From the Terre Haute Tribune-Star:
A north-side city park may soon be converted into a skilled nursing and rehabilitation facility designed for “baby boomers.”
Mainstreet, a Cicero-based real estate development company, is looking to construct a 75- to 80-bed skilled nursing/assisted living facility near Union Hospital on property that is currently known as Memorial Park, a city-owned public park.
This summer, the Terre Haute Board of Public Works and Safety declared the park “surplus” property, allowing the city to place it up for sale.
City officials have stated they expect the sale of the 5.7 acres to bring the city approximately $1 million. Mayor Duke Bennett has stated that the sale of unspecified city property would provide $1 million to help balance the city’s flagging general fund.
Tim Cook, an attorney representing Mainstreet before the Terre Haute City Council Thursday night, would not comment on a possible sale price.
The sale of the property is not required to go through an open bidding process because the project is deemed an “economic development project” that will fit in with surrounding property uses, said Cliff Lambert, executive director of the Terre Haute Department of Redevelopment, which is helping facilitate the property sale.
Sale prices in such cases are determined by averaging multiple appraisals, city officials have said.
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Mainstreet is seeking a 10-year real property tax abatement on its investment in the new facility, which is estimated to be around $10 million, according to an economic impact study provided by Mainstreet. The abatement would save the company about $750,000 over 10 years, Cook said.
The new facility would employ nearly 100 people at rates 5 to 10 percent greater than the market average for those positions, he said.
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http://tribstar.com/business/x2082759015/City-to-sell-surplus-northside-park-to-Illinois-based-company
