Philadelphia business entrepreneur Jim O’Connor told The Marion City Council in February that he intended to purchase land for a development project in the northwest block of Interstate-69 and Ind. 18 before March 31.
That deadline passed and the land is yet to change ownership.
Marion Mayor Wayne Seybold said the deal is still on and is merely in the paperwork phase.
“There was (a deadline), but with all deals you know ...” Seybold said. “We’ve never had a deal that started at A and moved right to B without moving up and down and sideways. I’m not nervous by any means.”
In February, City Council approved the city issuing up to $60 million in bonds to assist in financing the development. O’Connor, president of a brain trauma facility in Philadelphia, called Delaware Valley Residential Care LLC, agreed to purchase the land for about $2 million.
A farmer has expressed interest in buying the same land from Mutual Bank.
Jim Widner, Mutual Bank senior vice president, regional manager for Grant and Wabash Counties, confirmed the bank intends to sell the land, but he declined to discuss any specifics on the potential sale.
“We are unable to discuss ongoing negotiations with clients and potential clients.” Widner said.
Seybold is confident O’Connor will complete the transaction soon and break ground by July as originally scheduled. O’Connor told the City Council the goal is to complete the first phase by July of 2016.
The first phase of the development plan consists of an adjoining sports and entertainment arena and tournament center, a medical office building and market-rate rental housing for adults over age 55. Plans for second and third phases include retail space, parks, a hotel and additional housing.
“It’ll be a terrific billboard for the community,” Seybold said.
The City Council approved financing the development in the northwest bock of Interstate-69 and Ind. 18, but its members dealt Seybold a blow last month. The City Council voted down the resolution for a $7.3-million economic revitalization area, which included a 10-year tax abatement, for Chambers Park Veterans Housing LP at Matter Park.
Tim Eckerle, Grant County Economic Growth Council president, said the developers – three separate parties – are currently evaluating their options.
One of the primary concerns voiced by multiple Council members was whether or not there would be enough veterans to fill all 50 of the proposed apartments. Dennis Quinn, of Building Blocks Non-Profit Housing Corporation, spoke on behalf of Veterans Housing LP and said he was confident there would be enough veterans to fill the apartments. Quinn admitted, though, in accordance with federal law, if there were vacant apartments they would be made available for homeless people.
“If it doesn’t get built then we’ve missed out on an opportunity to put veterans in a nice place and they’ll still live in these chopped-up apartments, chopped-up housing,” a frustrated Seybold said.