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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 together to resolve liens, taxes and other encumbrances so the transaction could close. He said the CIC had briefly acquired the property for $100 the day before closing and then sold it for $350,000. The council was told the CIC, which had made a $150,000 loan for storefront improvements, was reimbursed and that the CIC also received about $19,000 for repairs it had paid. "So the new owner is a gentleman. Eric Rice is his name," Mr. Knowles said.
Mr. Knowles said some units remain occupied (he estimated "right now, I think still 7" tenants). He noted that the building is listed on the National Register of Historic Places and that the new owner had expressed interest in applying for façade loans and possibly pursuing historic tax credit financing. He also said most covenants held by the Ohio Housing Finance Authority had been released except for those on occupied units, and that remaining covenants expire in about three years.
The council did not take further formal action on the sale at the meeting; the update was presented as a communication from a council guest. The presiding officer invited questions and the council offered thanks for the update.
What happens next: Mr. Knowles said the new owner had begun cleanup and would be working on improvements over the coming months. The transcript does not specify any formal city‑imposed conditions on the sale or any active enforcement actions; details about the new owner's renovation plans and any use of historic tax credits were described as intentions, not finalized commitments.
