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City confirms sale of historic hotel to private owner; tenants remain and city loan repaid
Summary
Council was told the city closed on the sale of a historic downtown hotel to Eric Rice (via an LLC). The CIC briefly owned the property to facilitate the closing; the city was repaid a $150,000 loan and the property sold for $350,000. Some tenant‑occupancies remain; historic tax credits were mentioned as a possible future incentive.
Mr. Knowles, addressing the St. Marys City Council during petitions and communications, told the council the city closed last Thursday on the transfer of a downtown hotel property to a private owner, Eric Rice, through his LLC. "We closed on the, Fort Myers transaction," he said, and added that "the city is completely out of involvement there."
Mr. Knowles said multiple parties — including the CIC, Huntington Bank, Roto‑Rooter, the Tripp County treasurer and the Ohio Housing Finance Authority — worked…
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