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Midwest City Council approves transfer of up to $9.25 million to Urban Renewal Authority to advance Heritage Park Mall acquisition
Summary
The council authorized moving $9,248,155 from the hospital authority to the Urban Renewal Authority to place between $6.9M and $7.0M in court escrow for Heritage Park Mall acquisition; remaining funds are intended for demolition, testing and remediation, with hazmat work to be contracted separately.
Midwest City Council on April 22 authorized a transfer of $9,248,155 from the Midwest City Memorial Hospital Authority to the Midwest City Urban Renewal Authority to advance the possible acquisition and cleanup of Heritage Park Mall.
City staff and outside counsel told the council the commissioners’ report set the building value at $6,710,000, with an estimated additional $200,000 for moving expenses and roughly $12,000 in commissioners’ fees, putting the escrow deposit between $6.9 million and $7.0 million. The remainder of the $9,248,155 allocation is intended to cover demolition, environmental testing, hazardous-material handling and related fees.
"The number is $6,710,000 for the building itself," said city counsel Don, reporting the commissioners’ award and the…
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