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County authorizes sale of 2525 State Road to land bank with escrowed redevelopment funds
Summary
Council planning committee approved sale of 2525 State Road (parcel 0209872) to the Summit County Land Reutilization Corporation for $480,000, with the county covering closing costs, a 5% redevelopment fee, and an escrow schedule of $50,000 at closing plus $100,000 annually for four years.
The Planning and Economic Development committee approved a resolution authorizing the county to execute a purchase agreement to sell parcel 0209872 (2525 State Road, Cuyahoga Falls) to the Summit County Land Reutilization Corporation for $480,000.
Brian Nelson briefed the committee that the appraisal returned $480,000 and that the county will cover closing costs and provide a 5 percent redevelopment fee, equal to $24,000. At closing the land bank will deposit $50,000 into a segregated escrow account (net of the redevelopment fee and closing costs). The land bank will then deposit an additional $100,000 into that escrow at each one‑year anniversary for the next four years. Nelson said the escrow funds are to be used for redevelopment activities that the county will direct.
If the land bank sells the property within the four‑year escrow period, sale proceeds will be used to satisfy the remainder of the $480,000 obligation; if the land bank sells the property for more than $480,000 the county will receive a $25,000 share of net proceeds above $480,000. The motion passed on a voice vote with one abstention recorded.
