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Dayton EDA weighs state bonding against cash grants to buy historic-village parcels
Summary
The Dayton Economic Development Authority discussed using a cash appropriation or state bonding to buy four parcels in the historic village for redevelopment, confirmed a purchase agreement and due diligence steps, and was advised that bonding requires public ownership and a public purpose.
The Dayton Economic Development Authority on Tuesday discussed whether to seek state bonding or a cash appropriation to acquire four parcels in the city’s historic village and prepare them for redevelopment. Speaker 2 said the conversation followed a recent presentation by Senator Hoffman and framed two funding paths: bonding or a cash award from the legislature.
Speaker 8 explained bonding rules and tradeoffs, saying bonding dollars require the purchased property to be acquired for a public use and retained for that public use for the property’s useful life. “So if the intent is to use state bonding dollars to buy property, it has to be for public use whether it’s parking lot or park,” Speaker 8 said. The EDA discussed ways to structure the project so a public amenity (for example, docks or a small park) could be bonded while other parcels were transferred to private use with separate funding.
Staff reported a signed purchase agreement is in place and that a Phase I environmental study and a survey have been ordered; Speaker 8 said the team is “waiting for those to come back” and expects a closing by the end of the year pending results. Members agreed to prioritize a cash/grant ask for flexibility while leaving open the option to redesign the legislative ask so a public-infrastructure component could qualify for bonding.
The body also discussed a related county-level issue: whether certain tax-forfeited or restricted properties must be sold at public auction after a recent appropriations law was passed. Speaker 8 said they would discuss the property’s status with a county supervisor and noted that, according to the transcript, the property’s use deed was described as running through 2035; Speaker 8 summarized the statutory wrinkle this way: “If you don’t turn it into a transit hub within 3 years of receiving the property, you are supposed to go back to the county and say, oops.” That legal interpretation remains unresolved as staff pursue follow-up with county counsel.
No final vote was taken on changing the legislative ask. Next steps include completing the Phase I study and survey, continuing discussions with the senator’s office and county staff, and bringing a revised funding request back for further direction.
