The city of Kettering could soon own 305 acres of the land in the Miami Valley Research Park.
The city announced it will consider the authorization of a contract to purchase the unimproved land in the Kettering portion of the park. The non-profit foundation that runs the business park has been looking to sell off land and buildings.
Gregg Gorsuch, Kettering’s economic development manager, told the Dayton Daily News that if council approves the purchase on Tuesday that the city would close on the deal in July. He said the deal will cost the city $1.5 million at closing, and could go up to $3 million if certain deed restrictions are lifted.
One of those major deed restrictions requires any business that moves into the park to be science or research-oriented. Gorsuch said the purchase would allow Kettering to lure in new businesses and help current businesses expand within city limits — a major economic driver.
The business park spans 1,250 acres in Kettering and Beavercreek and is home to some of the Miami Valley’s largest companies. In October, the Dayton Daily News reported that the Miami Valley Research Foundation was looking to sell four buildings and more than 700 acres of undeveloped land valued at $30 million.
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Land Holding, LLC will assume ownership of the four existing buildings from the foundation. The University of Dayton, Wright State University, and Sinclair Community College will continue to lead efforts, in collaboration with regional leaders, to attract innovative new organizations to the complex, according to a statement.
Local college presidents from Sinclair Community College, the University of Dayton and Wright State University are permanent trustees of the foundation, and they now say the park should transition into a new phase — with new ownership of the land, different leadership in the foundation, and a loosening of property deed restrictions.
“The Miami Valley Research Foundation Board is pleased with this news, both for what it means for our community and for the future of the Miami Valley Research Park,” said Steve Johnson, MVRF board chair. “This investment provides an excellent opportunity for economic development for the future of our community and also provides the Research Park with the stability needed to move forward. This is a great day for all parties involved.”
BY THE NUMBERS:
1,250: total acres in the park
$410 million: amount of capital investment in park development
22: total buildings in the park
450: total acres developed in the park
4,000+: workers in the park at various companies