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Redevelopment Commission approves transfer of former nursing school building to Ivy Tech
Summary
The Monroe County Redevelopment Commission voted 3-0 to transfer the former nursing school property to Ivy Tech Community College of Indiana; the deed includes a reversion restriction limiting future use to higher-education, workforce development or economic development by a nonprofit or state-chartered institution.
At a meeting of the Monroe County Redevelopment Commission, commissioners approved transferring the county-owned nursing school building to the trustees of Ivy Tech Community College of Indiana, voting 3-0.
The deed and related lease documents in the meeting packet include a surrender clause requiring that the property revert to Monroe County if it is not used for “educational training, workforce development, or economic development purposes” by a nonprofit corporation or a state-chartered higher-education institution. Commission members discussed the legal language in the exhibit and confirmed Ivy Tech is not in default under the lease, a condition for the transfer.
Commission Chair Richard Martin asked for a motion to approve the transfer. After a motion and a second, the commission conducted a roll call: Commissioner Richard Martin — yes; Commissioner Cassidy — yes; Commissioner Colin McCarty — yes. The motion carried 3-0.
Meeting documents reviewed by the commission included a quitclaim deed that would convey the property “as described in Exhibit A,” the original purchase settlement statement and a copy of the lease. A settlement statement in the packet showed a total purchase settlement of $1,625,000, including fees. Commissioners and staff differed briefly about when the bond tied to the purchase was finally paid off; meeting remarks referenced the end of 2022 and also suggested the final payment could have been made in 2023 or 2024. The transcript did not record a single, definitive payoff date.
Staff confirmed Ivy Tech’s legal review of the transfer documents and reported the college intends to continue using the building for nursing instruction. The deed restriction was described repeatedly in the packet and during the discussion: if the property ceases to be used for the specified higher-education, workforce or economic-development purposes by an eligible institution, ownership would revert to Monroe County.
The commission also discussed practical next steps for executing the documents. Staff said the commissioners would be asked to return at a later time to sign paperwork in the presence of a notary.
The commission did not authorize any change to the deed restriction at the meeting and did not set any additional conditions beyond those contained in the packet documents.
