If the unknown purchaser of the former Visteon property does not close by the end of March, the property will go back on the market.
In the first public meeting in the James Roberts Memorial Building in Roberts Park since the city began the renovation project last year, the Connersville Board of Public Works and Safety turned down a request by that purchaser for another extension through the end of May.
In September 2012, Mayor Leonard Urban announced an unnamed company wanted to purchase the building and then lease it to companies it would find to locate in the facility. The Board of Works approved a Dec. 20, 2012, deadline for closing on the property. In early December, the Board granted an extension until March 31 to aid that company in negotiations with companies it tried to lure to Connersville.
Urban said the company wanted more time to work with possible renters for the facility.
“If you give an extension you are taking the building off the market, and we are working with two separate companies interested in the building,” he said. “I think it would be in the best interest of the city to deny the request.”
City attorney Jon Baker said if the company does not close, the $200,000 earnest money stays with the city.
“If the company does not complete the purchase, the money would remain with the city but if the purchase is completed, that money would go towards the purchase price of $4 million,” he said. “If it goes on the open market, there is no guarantee it will bring $4 million.”
Board member Mike Bishop said the company had been give the extra time so he wanted to deny the request.
The Board voted unanimously to deny the request although they could still complete the purchase by the end of March.
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