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Redevelopment commission approves purchase agreement for Ritter Building
Summary
The French Lick Redevelopment Commission approved a purchase agreement for the Ritter Building on West College Street after negotiating price terms and discussing repair responsibilities. Commissioners also debated whether outstanding fines would apply after acquisition.
The Redevelopment Commission voted to approve a purchase agreement for the Ritter Building on West College Street after a negotiation summarized during the July 20 meeting. Chair (S2) said the commission had offered $100,000 and the bank returned counteroffers in the $265,000 range before the bank’s stated lowest figure of “2.35”; the motion to approve the purchase carried with an affirmative vote.
Commissioners discussed how outstanding fines, code issues and repair costs on the Ritter Building would be handled after acquisition. Staff member (S3) noted town-council processes could affect whether fines remain the responsibility of the previous owner and explained that funding for remediation or repairs would have to be determined in follow-up steps. "The town council could decide that they'll need to collect the levy," S3 said, describing possible post-purchase obligations.
The commission did not specify closing date details or a breakdown of repair costs at the meeting. Chair (S2) said the agreement was ready for signature pending the commission's approval. The next steps recorded were for the chair to sign the purchase agreement and for staff to return with any follow-up details about fines or remediation responsibility.
