Scioto County wants to purchase the Fifth Third Building on Chillicothe Street. Commissioner Scottie Powell was authorized to negotiate for the property, and he seems to have scored quite a deal.
Powell said negotiations for the property had been going on for almost two months, and he’d managed to knock the price down to $418,000 from the original list price of $570,000.
Powell said commissioners signed a letter of intent to lock in the lower price, then the Scioto County Prosecutor’s Office went to work drafting the sale agreement. “We still have due diligence to do as far as someone getting in there and looking through the building. This is a huge project.”
Powell said the building represented a chance to provide economic development in the downtown area. He said companies are not only looking for manufacturing space but for office space. “This gives us the opportunity to have a different product to offer.”
He praised Fifth Third and the real estate agent for their cooperation in the project. Powell said the closing would likely take place in June after Fifth Third had finished moving into their other building. They will be opening at the former Jimmy Johns that closed suddenly about a year ago.
Powell said the advantage of being a fiscally conservative county is that you have money available for opportunities like purchasing the building.
“It’s basically ready to move into,” Commissioner Cathy Coleman said.
Commissioner Bryan Davis thanked Powell for negotiating the price reduction. “We feel confident that by securing this building, we will be able to market and fill it. Revitalizing the downtown is a very urgent need.”