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Rejected  airport  plan need $1.5M credit, says city

A Wright Brothers Airport development idea is ousted because company didn’t meet Dayton’s request.

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By John Nolan, Staff Writer 10:26 PM Monday, April 5, 2010

MIAMI TWP., Montgomery County — Deeming it “nonresponsive,” Dayton has rejected a company’s proposal to commercially develop about 150 acres of the 527 acres of land at the city’s Dayton-Wright Brothers Airport.

In a letter last week, the city told Miller-Valentine Partners Ltd. II that the proposal was rejected because it failed to meet Dayton’s requirement that any development proposals be accompanied by a $1.5 million letter of credit as a guarantee of performance for obtaining a land lease with the city for the development.

Under the city’s terms when it requested proposals from development companies, any developer selected ultimately could lose the $1.5 million if the company failed to initially develop at least 20 of the 150 acres to generate land-lease payments to Dayton within three years.

“Because of this, we must reject the proposal,” Regina Holman, business development manager for the city’s aviation department, wrote in her March 31 letter to Miller-Valentine.

Her letter noted that Miller-Valentine had told the city it would be “difficult, if not impossible” to obtain the $1.5 million letter of credit, given the sluggish economy and the general difficulty in obtaining such financial backing.

Eric Joo, Miller-Valentine’s vice president of commercial development, said Monday, April 5, that he had seen the city’s letter. He declined to comment.

The city will consider whether to request new development proposals at some point in the future if the economy improves, airport spokeswoman Linda Hughes said.

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