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Dayton EDA approves purchase of 'Triangle' parcel, moves to list it for sale
Summary
The Dayton Economic Development Authority approved a resolution to purchase the "Triangle" property (funded by a city loan) and subsequently voted to list the parcel for sale to entertain offers; the council had agreed to a $300,000 loan to enable the purchase.
The Dayton Economic Development Authority voted to approve a resolution to purchase the parcel known internally as the "Triangle" property, following a report that the Dayton City Council had agreed to make a $300,000 loan to the EDA at 4% interest to enable the acquisition from Henipin County. The motion to approve the purchase carried with six votes in favor; one member was absent.
After discussion in closed session about offers and negotiating strategy, the EDA returned to open session and voted to list the Triangle parcel for sale to entertain offers. Staff clarified the action was to list the property, not to accept any sale agreement.
Why it matters: staff said the council loan would give the EDA the liquidity to secure the parcel and then market it for a use that could advance city goals. Commissioners described the Triangle property as an asset that could support future commercial or industrial uses; some members framed an eventual sale as a way to replenish EDA reserves for other projects.
Vote and process details: staff told the commission the city council previously approved a loan of $300,000 at 4% interest to the EDA to facilitate the purchase from Henipin County. The EDA's motion to buy passed with six yes votes (one member absent); later the EDA moved to list the parcel for sale and approved that listing in open session. Staff said listing the parcel will allow the EDA to solicit offers and proceed with sale negotiations at a future meeting or by delegated staff authority.
Next steps: staff will market the parcel and accept offers; commissioners asked staff to return information about listing strategy and potential terms. The EDA indicated that decisions about sale approval or acceptance of offers will return to the commission for formal action when needed.
Actions recorded: the commission recorded a motion and vote to approve a resolution to purchase the Triangle property (motion carried, 6 in favor) and a subsequent motion to list the Triangle parcel for sale (motion carried).
