The original 1908 Dayton Daily News building at the corner of South Ludlow and East Fourth streets still stands and is owned by demolition contractor Steve R. Rauch Inc. This part of the property is not part of the transfer proposal .
If the transfer is approved, the city will no longer be responsible for property taxes, maintenance and insurance, said Mike Grauwelman, executive director of the land bank.
The land bank can remove tax arrears on plots, which should help improve their marketability and attractiveness to potential investors, Grauwelman said.
“Currently, the tax debt (debt) exceeds the assessed valuation,” he said. “By using this process, the property will be able to be put back into productive use generating investment, jobs and taxes.”
The properties of the land bank are exempt from property taxes.
The land bank has taken over a variety of commercial buildings to clear their tax arrears, including the Dayton Arcade.
If the city commission approves the transfer, the land bank council will need to approve the transaction. This vote could take place next month.
Ownership of the land bank will minimize ownership costs and should facilitate future redevelopment of the property, said Chris Lipson, the city’s senior economic development specialist.
Lipson said the property should be attractive to developers because of its proximity to the Dayton Arcade, which is just across the street.
The Arcade Innovation Center has opened and new apartments and facilities are expected to open soon.
About four years ago, the city looked for a developer to partner with it to develop the site. The city has received responses from three developers, including two out-of-state companies and Cross Street Partners and Miller-Valentine Group.
The city chose an Indianapolis firm, Flaherty & Collins Properties, but the project did not work for financial reasons, planning staff said.