The East Liverpool Community Improvement Corporation (CIC) Board of Trustees approved a sale agreement for the property located at 520 and 522 Market St., which includes The Thompson Building, shown. (File photo by Kristi R. Garabrandt)
EAST LIVERPOOL — With an all-in-favor vote, the East Liverpool Community Improvement Corporation (CIC) Board of Trustees approved a sale agreement for the property located at 520 and 522 Market St., which includes The Thompson Building and the former Paul Arrow’ s building.
The agreement is between the CIC and CE-Thompson Building, L.P., a Pennsylvania Limited Partnership which is the developer for the restoration of the Thompson Building.
As part of the sales agreement, all the tax credits the city received for the restoration of the Thompson Building will transfer with the property.
With the CIC being a non-profit organization, the property will sell for $1 to the developer who has 60 days to do their due diligence on the property. The developer is investing $300,000 of his own cash into the capital stack to go with the tax credits.
According to Board President Pat Scafide, within those 60 days the CIC will work out the grant agreement with the $186,000 the city has invested, $86,000 from the Facade grant and $100,000 from a grant source. Once all parties sign the agreement, they have the 60 days and then the property will transfer.
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