Newsletter: Does foreclosure filing prove The Greene is in the red?

Happy Friday, Dayton business leaders (and business readers). Thank you again for reading this newsletter. You can reach me at tom.gnau@coxinc.com.

When the Greene Town Center opened in Beavercreek in 2006, it represented something new in the Dayton area (although we had seen it in other cities) — a blend of retail and and residential uses, with entertainment and business spaces thrown in the mix, too.

At a time when online retail seemed to be all the rage, it was interesting to watch how The Greene ruined that narrative. The National Association for Industrial and Office Parks recently cited an analysis that found that the number of apartments completed annually in “live-work-play” developments quadrupled between 2012 and 2021, rising from 10,000 to 43,700.

But if a recent foreclosure filing is any indication, there were issues behind the scenes.

Greene Town Center: Who owns it and what we know about foreclosure complaint

Wells Fargo Bank has filed foreclosure on The Greene Town Center in Beavercreek. MARSHALL GORBY\STAFF

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Wells Fargo Bank filed a foreclosure complaint May 10 against the owners of the Greene Town Center, claiming that the popular Beavercreek outdoor mall, apartment and office complex owes the bank tens of millions of dollars in loan payments.

Why it matters: Wells Fargo says in March 2014, a loan agreement was severed into two promissory notes ($90 million and $47.25 million), which eventually were transferred to Wells Fargo.

The complaint says those notes are in default.

Also read: The Greene responds to lawsuit: Open for business, negotiating with lender.

More than 100 businesses are at The Greene in Beavercreek: Here’s the whole list

And no, The Greene probably isn’t going to close.

Dayton Air Show will feature MQ-9 Reaper drone for the first time


                        A photo provided by the U.S. Air Force shows an MQ-9 Reaper drone over the San Gabriel Mountains of southern California in late August 2020.  (U.S. Air Force via The New York Times)  —

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In what is promising to be a special event, the organizers of the CenterPoint Energy Dayton Air Show announced a few new attractions this week.

Recall: This show is considered the 50th anniversary of the air show.

An air show first: For the first time, visitors to the Dayton Air Show next month will be able to see a General Atomics MQ-9 Reaper drone up close, parked on the tarmac at Dayton International Airport.

What else? Also on the agenda for this year’s show: A visit from the T-34 Association, a group of enthusiasts for the T-34 trainer planes once used by the Air Force and the Navy.

The association will have at least 16 T-34s in the show, eight as static displays on the ground and eight flying in the show, member Jim Clark said.

Oh, and a B-52 Stratofortress from Minot Air Force Base will also be on hand.

Aviation job openings in demand and Springfield school helps fill those needs

An Ohio drone program meeting was held Wednesday, May 8, at Emmanuel Christian Academy, with leadership from Embry-Riddle’s Gaetz Aerospace Institute, state representatives including Bernie Willis, officials and administration from local schools in the area and others not a part of the program that are interested in getting more information. Brooke Spurlock/Staff

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Here’s a story from Brooke Spurlock in Springfield. Emmanuel Christian Academy’s dual drone and aviation curriculum has “grown exponentially,” and the school is partnering with a familiar name in aviation education.

Partnership: The school has partnered with the Gaetz Aerospace Institute (GAI) at Embry‐Riddle in Daytona Beach, Fla. since 2018 to offer high school-level aviation courses about unmanned systems.

What they’re saying: “The industry needs are so real that it’s going to take a whole lot more than one university to meet the demand,” said Colleen Walsh-Conklin, executive director of GAI. “There’s enough for everyone to help. The need is that great.”

Regulators will hire consultant to examine how AES Ohio handles ‘bad debt’

AES held a ribbon cutting on it's newly renovated, Smart Operations Center,  Monday October 25, 2021. AES spent $20 million to renovate the old Dayton Power & Light building and move AES into the future. JIM NOELKER/STAFF

Credit: JIM NOELKER

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Credit: JIM NOELKER

Ohio regulators may soon hire a consultant to examine how Dayton electric utility AES Ohio deals with unpaid bills.

The crux: It’s fairly routine for the Public Utilities Commission of Ohio (PUCO) to audit utility expenses, and it’s not unusual to issue requests for proposals for outside auditing firms to assist in that work, a spokesman for the PUCO said Wednesday.

What they’re saying: “The purpose of the audit is to ensure that customers are only charged the appropriate amounts,” a spokesman for the PUCO told me.

Please read the story.

Next round of Ohio EV fast-charging stations will include one near Dayton Mall


                        FILE — An electric charging station in Columbus, Ohio on Oct. 19, 2023. The Biden administration, on Friday, Jan. 19, 2024, issued guidance that makes much of the country eligible for tax credits intended to offset the cost of installing electric vehicle chargers. (Brian Kaiser/The New York Times)

Credit: NYT

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Credit: NYT

Without a convenient array of smartly located chargers, sales of EV vehicles will continue to be held back. Costs and worries about charging are some of consumers’ top concerns.

Why it matters: That’s one reason why Ohio’s (relatively) quick building of a charger network is a big deal. On Thursday, Gov. Mike DeWine announced that the state will award nearly $16 million to install 22 new electric vehicle fast-charging stations along Ohio’s interstates, state and U.S. routes, with one of them being in the Dayton area.

The story: Courtesy of reporter Eric Schwartberg. Please read it.

Quick hits

End of a county support contract: What it means for the region.

Why isn’t an Oakwood principal on the job? Reporter Nick Blizzard asks the questions.

Wright State to offer seven new undergraduate degrees. Eileen McClory has the details.

Best of Dayton: Nominate here for your favorites.

Patio of the week: And one of the best views in the city.

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