Sign up for our newsletter to learn about our events, project announcements and economic development news.
The project is the Sears store located at the site of the former Salem Mall in the City of Trotwood. The project consists of a 127,000 s.f. building located on a 16-acre parcel. The Trotwood Community Improvement Corp. (CIC) acquired the property for $225,000 (appraised at $400,000) through the bankruptcy courts. There has been damage to electrical panels and the HVAC system. To retrofit the property will require approximately $350,000. The CIC will be offering a 10% match for the grant.
The CIC has acquired the property form cash reserves. Future revenue will be derived from leasing activity estimated to exceed $225,000 annually.
Construction or Capital
A minimum of $40,000
Within the next 6 months
Retrofitting the existing power grid for leasing to multiple tenants is an essential component of the project. In addition to simply bringing the property uup to current requirements, sub-metering will be required to service multiple tenants.
The project would provide a Trotwood and surrounding communities with a benefit by introducing a retrofitted property capable of supporting approximately 300 new, light industrial job generating an estimated $8.5 million dollar payroll, thus driving an additional revenue stream of both income tax as well as property tax and an expanded revenue stream to support the existing TIF district and continued CIC activities.
Development agreements with leases will require semi-annual employment and payroll reporting.
We utilized USDOE and Institute of Transportation Engineers estimates for Land-use code 110. Based on 463 sf per employee