By JAN LARSON McLAUGHLIN
BG Independent News
The City of Bowling Green is on the verge of selling 50 acres to a company planning to bring 200 jobs to the community.
The city’s Board of Public Utilities voted Monday evening to approve the sale of the acreage in Woodbridge Business Park for $2.25 million.
City Council will hold a special meeting Tuesday at 5 p.m. to vote on the same issue.
Brian O’Connell, director of public utilities for the city, explained the deal to the utilities board Monday evening.
In the spring of 2017, the board and city council approved a land purchase agreement with Richard Carpenter to expand the Woodbridge Business Park, located in the southeast corner of Dunbridge Road and Poe Road.
The city agreed to transfer 80 acres of farmland to Carpenter, who in turn transferred 20 acres of farmland to the city. The 20 acres were adjacent to the business park – making them much more valuable than the 80 acres next to the city solar field off Carter Road.
The city also entered a 10-year purchase option on the remaining 40 acres owned by Carpenter adjacent to the business park. The deal had the city paying $30,000 per acre for the first 15 acres, $35,000 per acre for the next 15 acres, and $45,000 per acre for the remaining 10 acres.
The developer has agreed to purchase the 50 acres for $2,250,000, and Carpenter will be paid $1,425,000 for the 40 acres.
Recently Kati Thompson, executive director of BG Economic Development, was contacted by Scannell Properties, a national development firm searching for approximately 50 acres in Bowling Green near Interstate 75.
Thompson helped the city to negotiate a land purchase agreement with the developer for 10 acres of city-owned property plus the 40 acres that the city has an option to purchase from Carpenter.
The Board of Public Utilities approval Monday put the deal one step closer to reality. The developer has 120 to 180 days to complete due diligence work before fully committing to the purchase, O’Connell explained.
City officials don’t know who the end user of the proposed project is – but O’Connell believes it must be related to the distribution industry.
The developer has indicated the building will be about 100,000 square feet, would create approximately 200 jobs, and should be near I-75.
“I do think this is a positive thing for the city to consider,” O’Connell said.
He listed off the benefits of the project as:
• It will add to the diversity of employers in the city, and there has clearly been an increase in demand for shipping products to customers.
• The purchase option for Carpenter’s land is more expensive than other business park land acquired by the city. This agreement will cover the city’s expense for the purchase option as well as recover some of the expense for the extension of Woodstream Drive that will also benefit this project. The proceeds could also be used for future economic development opportunities.
• The developer is acquiring a majority of the remaining property and there is no anticipated city expense for a public road or public utilities to be extended from Woodstream Drive to Wooster Street.
• The city will have approximately 5.5 acres remaining along Woodstream Drive to market for development.
• This project may lead to other new development opportunities. For example, Woodstream Drive was extended to serve an Ohio Logistics warehouse project. The city was able to attract Marelli to start a new manufacturing operation in Woodbridge because of the Ohio Logistics development.
“There is nothing of this size in town,” O’Connell said of the proposed project. “This adds some diversity.”
