TROY — With the majority funding from potential grants and sale of excess land, the city of Troy is seeking to purchase the 117-acre Huelskamp Farm located on North Troy-Sidney Road for $1.5 million.
On Wednesday, the community and economic development committee members Tom Kendall and John Schweser approved to recommend legislation to authorize the director of public service and safety to purchase the land, including home and barns. The committee also approved to seek emergency designation due to the anticipated closing of the sale within 60 days.
According to public service and safety director Patrick Titterington, the purchase will include the 117 acres of the Paul and Jill Huelskamp farm, as well as the house and barns, in the $1.5 million price.
Titterington said the home and barns may potentially house the city’s park department’s equipment and office area in the future.
“It’s an opportunity that we don’t believe we want to pass up to be considered for future park areas, again, as part of the expansion of Duke Park,” Titterington said Wednesday. “Immediate funding involved is a one year bond anticipation note. We have received confirmation — verbal and/or written — of several grants that will offset a majority of the purchase of that property.”
Titterington said nearly $1.1 million of the purchase price will likely be raised by the grants and the anticipated sale of excess property at the site. Titterington also said the city anticipates to pay nearly $350,000 for the property it will retain after grants and excess land sales.
Titterington said the property is a “once in a life-time” purchase and was offered as an “all-or-nothing” deal to the city. Titterington said the property will more than double the size of Duke Park,which is the city’s main recreation sports facility.
Committee member Kendall asked for Titterington to clarify the definition of a bond anticipation note.
Titterington said a bond anticipation note is a short-term note which carries a lower interest rate than a conventional bank loan, but a little higher than a long term bond would charge.
“We anticipate, that what the excess (land) would be, the cash would pay for the net difference in general fund cash reserves,” Titterington said.
Schweser asked if the land would need to be annexed. Titterington said the land would need to annexed in the future as well as seek appropriate zoning.
Kendall said the property acquisition is “a perfect opportunity” for the city of Troy, prior to his positive recommendation.
For more information, visit www.troyohio.gov.
Reach Melanie Yingst at firstname.lastname@example.org or follow her on Twitter @Troydailynews
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