Miami Twp. recently accepted a proposal from Austin Landing’s developer for short-term deal for exclusive rights to market a large tract of land at the interchange near the sprawling mixed retail center off Interstate 75.
The township for the past several years has been seeking a solid plan to develop its land at Austin Boulevard and Wood Road in the Austin Center area, a growing corridor for jobs, business, entertainment and traffic.
But township officials have yet to see a proposal they think is a good fit for the land, which has been called a “cornerstone” property attractive to the medical and military industries, among others.
According to a letter of intent about the property, here are five issues to know about the land and the proposition by Dillin LLC, headed by Austin Landing developer VisCap Development President Larry Dillin:
• The land is about 41 acres includes three parcels. They are 21.76, 19.29 and 0.196 acres.
• The property was appraised in August 2018 at $4.65 million.
• Dillin LLC will seek to provide status reports on bi-weekly basis involving a marketing analysis of potential uses, financial analysis of both private and public investment, a purchase price proposal, a preliminary development master plan, a preliminary development timeline, a draft development agreement, and a draft purchase and sale agreement.
•The agreement regarding Dillin LLC’s letter is for 120 days. The deal may be extended by two, 30-day periods upon mutual agreement.
•The land is in a Tax Increment Financing District, or TIF, with plans to keep within that zone or a new one. Dillin LLC agrees that the property will be included in the Austin Center Joint Economic Development District - which the township shares with Miamisburg and Springboro – or another district that the township designates.
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