The city of Kettering bought nearly 300 acres for $1.5 million that it can use for attracting new commercial development to the suburb.
The land is part of the Miami Valley Research Park, which was founded in the early 1980s as a university-related research and office park, but has since fallen into financial strain and become increasingly unrelated to the missions of the three schools governing the park through a foundation: Sinclair Community College, University of Dayton and Wright State University.
While the city bought the land for $1.5 million, the city could retroactively pay $1.5 million more for a total $3 million if it has success reselling the land.
MORE: Largest Dayton-area residential real estate firm gets new space
“Reinvestment in the Miami Valley Research Park is essential to the long-term growth and stability of our region,” Kettering Mayor Don Patterson said in a statement. “As a land-locked community, the opportunity to acquire green space appropriate for commercial development is rare and one we couldn’t pass up. We are confident that this is a wise investment for the future of Kettering.”
Kettering City Council approved buying the undeveloped land in the park, which straddles Kettering and Beavercreek.
On Tuesday, May 23, City Council authorized the purchase of the unimproved land in the Kettering portion of Miami Valley Research Park for $1.5 million.
Miami Valley Research Park is made up of 1,250 acres of land and home to companies like to Reynolds & Reynolds, WilmerHale, BWI, Community Tissue Services, Kodak, Lunarline and Vivial Company.
RELATED: Local hospital collecting donations for Hurricane Irma relief
“The Miami Valley Research Foundation Board is pleased with this news, both for what it means for our community and for the future of the Miami Valley Research Park,” said Steve Johnson, chairman of the park’s foundation and separately president of Sinclair. “This investment provides an excellent opportunity for economic development for the future of our community and also provides the Research Park with the stability needed to move forward. This is a great day for all parties involved.”
FIVE FAST BUSINESS READS
Ohio Supreme Court: Apologies that admit fault can’t be used in suit
Huffy moving its headquarters