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Gahanna officials seek $5 million supplement to help CIC buy and clear 12 Creekside parcels
Summary
City economic development officials and members of the Gahanna Community Improvement Corporation asked the Committee of the Whole Monday for a $5 million supplemental appropriation to pay off a commercial loan tied to 12 parcels in the Creekside District so the CIC can proceed with demolition and reuse under a state grant that must be spent by Dec. 31.
City economic development officials and members of the Gahanna Community Improvement Corporation asked the Committee of the Whole Monday for a $5 million supplemental appropriation to pay off a commercial loan tied to 12 parcels in the Creekside District so the CIC can proceed with demolition and reuse under a state grant that must be spent by Dec. 31. Director Jeff Gautke introduced the proposal and said the CIC has secured nearly $500,000 in state grant funds for demolition but cannot use that money while the properties remain mortgaged. "To determine the ultimate use of the land, you must first control the land," Gautke said.
Gautke told the committee the supplemental appropriation would let the CIC extinguish the mortgages so demolition can proceed and the parcels can be marketed…
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