RDA to purchase Depot Street property

By: 
Amy Cherry
Staff Writer

The St. Marys Redevelopment Authority is moving forward with the Depot Street redevelopment project which involves constructing a park and amphitheater stage.
Recently St. Marys City Council unanimously approved the RDA’s request to utilize $165,000 from available bond funds to complete Phase 1 of the project.
“These funds would allow the RDA to secure the final property needed to move forward with Phase 2 of the Depot Street Park and Stage project,” said Eric Wonderling, RDA member.
The property includes the $175,000 purchase of the existing Bayer Furniture property which would be torn down and turned over to the city.
The bond request is to recoup $10,000 of initial $20,000 down payment made by the RDA in May.
The property has a total appraised value of $225,000, including the building at $170,000 and the land at $55,000. The appraisal was completed in April at a cost of $1,500 paid by the RDA.
As part of the project, the RDA plans to relocate existing tenants on the property to new locations. The bond funds will also be used for closing costs, estimated at $4,637, and to help existing tenants defer the cost associated with relocation.
According to Wonderling, rental income from the property will be used to maintain the property during the time frame associated with tenant relocation prior to property demolition.
City Manager Tim Pearson said he is in support of the project and is excited to move forward with it.
“We are one step forward in creating this new downtown park,” Pearson said.

For more on this story, see today's print edition of The Daily Press.

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