Warsaw Redevelopment Commission Monday continued discussion on the property it approved purchasing from Ivy Tech Foundation Inc. to be used for park purposes.
The board approved Nov. 5 for the city to purchase 6.67 acres for $300,000. The 6.67 acres is part of the 40 acres of property the foundation purchased in November.The property is at the northwest corner of U.S. 30 and Silveus Crossing, Warsaw.
The foundation purchased 40 acres of the land in November to build a new campus, Mayor Ernie Wiggins said.
City Planner Jeremy Skinner said an environmental study has been completed on the property that the city will use.
An appraisal was conducted a year ago on the property. The property was valued at $40,000-$50,000 per acre, Skinner said.
Skinner said the city is paying $300,000 for the 6.67 acres to assist Ivy Tech in extending its educational opportunities.
City Attorney Mike Valentine said he will form a shared-use agreement contract between the city and the foundation and will present it to the commission during its next meeting.
Skinner gave an update on the city's Central Tax Increment Finance District.
Skinner said at the Nov. 5 meeting, Baker & Daniels LLP put together a timeline for updating the city's plan for its tax district to expand to include Buffalo Street and the Indiana American Water building.
Skinner presented the timeline to the commissioners during Monday's meeting. The timeline includes the city needing approval from the Warsaw Community School Corp. School Board to expand the TIF district, and approval to consider entering into a bond issue to build a new city hall.
Commissioners are Charles Smith, Neal Carlson, Tammy Rockey, Savina Kralis and Kyle Babcock.
