News and Tribune

Recent Local News

June 19, 2013

The bigger plan chosen for 10th Street in Jeffersonville

Myriad unknowns remain

(Continued)

JEFFERSONVILLE —

But a sticking point from the start, at least for Lake, was the proposed purchase price of the property.

 

BUYING LAND

During a lengthy discussion, it was stated that the details of the proposals could be hammered out when working out the final development agreement between the redevelopment commission and the contractor.

Redevelopment Commission Attorney Les Merkley said the only issue that could not be negotiated if a proposal was chosen was the proposed purchase price.

“I think the only way you get around the purchase price issue is to reject and wait 30 days,” he said.

Jeffersonville-based API’s proposal offered to develop the 4.3 acre site by locating a Hilton franchise hotel with 2,300 square feet per floor and 150 total rooms. In addition, the plans call for three businesses — identified as Starbucks, Qdoba and Verizon — to locate in about 6,000 square feet of space. The businesses had signed letters of intent with API. 

The purchase price for the property that was offered was $1.

During the presentation of the RFP, API explained that the reason for the $1 purchase price is the amount of investment the developer will make in the property and pass the savings on the purchase price onto the tenant to incentivize them to locate at the site.

The White Reach plan called for two hotels, two stand-alone restaurants and a Starbucks. Letters of interest for potential tenants included Zaxby’s, McDonald’s, Cracker Barrel and hotel chains owned by Hilton. 

No purchase price was included in the RFP submitted by White Reach Development, but said price is “to be determined” if the proposal was accepted. 

Steve Reach, managing member of White Reach Development, said that the firm would seek incentives like New Market Tax Credits, and the breaks received by the developer would go back to the city by way of the property’s purchase price. The estimated  $24-$25 million development is contingent on receiving the tax credits.

Text Only | Photo Reprints
Recent Local News
LOCAL MAGAZINES
Easter 2014 photos


Click on any photo to purchase it.

SPECIAL CONTENT
Twitter Updates
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
AP Video
Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Palestinians and Israeli Soldiers Clash Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive
2013 Photos of the year


Take a look at our most memorable photos from 2013.