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Marion Council accepts proposal to sell city-owned airport runway to private buyer
Summary
The Marion City Council approved a resolution accepting a proposal from 530 Investments LLC to purchase city-owned property in the Collins Road Extension urban renewal area that includes the Marion Airport runway; next steps include due diligence with FAA and other agencies and preparing purchase documents for a future council consideration.
The Marion City Council voted to accept a proposal from 530 Investments LLC to purchase city-owned property that includes the Marion Airport runway in the Collins Road Extension urban renewal area.
Council approved resolution number 32383 after staff reported one responsive proposal had been received. City staff summarized the offer as a purchase price of $500,000 with provisions for runway improvements, including an extension to 4,000 feet that “would not be at the expense of the city,” and a staggered property tax rebate of up to $50,000, the staff presentation said. The public hearing produced no speakers.
Nicole (staff) told the council that next steps include meeting with 530 Investments, preparing real estate documents and returning to the council for formal consideration of a purchase agreement. Staff also said the prospective buyer had a contemplated closing date of June 25 and that regulatory due diligence would require contact with the Federal Aviation Administration and the Iowa Department of Transportation.
Council discussion emphasized keeping the airport operational. Council Member Steve (Councilmember) said the “key aspect is that the airport maintains its operational status.” The resolution passed with one abstention.
The council did not vote on a final purchase agreement; staff will return with the formal documents for council approval after completing due diligence and coordinating with the FAA and IDOT.
