The property would be redeveloped after $10.6 million in improvements to the intersection. The city’s long-range plan is to redevelop the land as “mixed use with a residential component established on upper floors of multi-story buildings.”
Since 1958, the Prestons owned and operated the IGA supermarket near the intersection. Last December, the family closed the store.
On Thursday, Springboro City Council approved an amended contract setting the sale price at $3.1 million and establishing an escrow account for the cleanup funds.
According to the contract, the Prestons are to get any of the escrow funds not used in the cleanup. The city would cover cleanup in excess of $300,000.
City Manager Christine Thompson said staff would be presenting for council approval a contract for the cleanup work.
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