Council moves proposed $2 million purchase of 650 Bowen Road to full council

Canal Winchester's council on March 2 voted to move an ordinance to full council that would authorize a real estate purchase agreement for 650 Bowen Road.

Development Director Lucas Hair presented the property to council as roughly 20 of a 22.49-acre tract with multiple agricultural buildings the city could use for equipment and seasonal storage. Hair said the proposed purchase price is $2 million; the sellers will finance the sale over three years at 6% interest and will retain a roughly 2.5-acre parcel and certain rights to use stable and paddock areas. Hair said the sellers also will retain limited short-term use of a building through the end of the year under a lease arrangement.

Hair emphasized operational benefits: the parcel sits adjacent to the Liberman well fields, gives the city safer, alternate access to the well site, and provides space for future additional wells and off-season equipment storage. Council members asked clarifying questions about who will maintain the access road (Hair said the city will), price per acre and how the buildings change valuation (Hair estimated about $100,000 per acre for the combined value but said the buildings and infrastructure drive value), and the timing of payments (Finance Director Amanda Jackson said the first payment will be due at closing and annual payments will be on the order of $700,000 per year for three years under the proposed financing).

Council voted to move the ordinance to full council for a later meeting so members and staff can review and prepare appropriation language and lease details.