The University of Dayton and Premier Health have requested more time to complete “necessary reviews” of the Montgomery County Fairgrounds before they decide whether to purchase the site.
In late January, UD and Premier signed a purchase agreement for the 38-acre property on South Main Street, with an intent to redevelop the fairgrounds.
RELATED: Fairgrounds purchase approved
The agreement spells out a due diligence period that ran through today to allow the institutions to inspect the property and study its size, character, condition, accessibility and explore potential government incentives and zoning matters.
RELATED: UD, Premier to buy fairgrounds
But the document also gave the organizations the option to extend the due diligence period to the end of March, which they have decided to exercise.
UD and Premier said their partnership to buy and revitalize the fairgrounds continues to move forward as planned.
“… we look forward to finalizing our purchase of the property soon,” according to a joint statement from UD and Premier.
The fairgrounds purchase price will be $15 million, with UD and Premier each chipping in about $5.25 million. The county will provide a $2 million credit on the purchase if the buyers agree to retain and rehab the historic roundhouse.
The Dayton-Montgomery County Port Authority also has a $2.5 million state allocation to contribute to the project.
According to the agreement, UD and Premier would have to close on the purchase within 15 days of the conclusion of the due diligence period.
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