The goal of this purchase is to leverage city investments.
File Photo
(Madison, Ind.) - Mayor Courtney gave an update on the former Madison Plaza retail site at last night’s City Council meeting.
The city is still in a negotiation on the purchase agreement, which includes the full 22 acres of the development property at an estimated cost of $2.75 million.
Mayor Courtney said, “I think this will bring much-needed development to that location which has been underutilized.”
The city plans eventually sell off parts of the land to be redeveloped to retail, and multi-family developers. The goal of this purchase is to leverage the cities investment to attract approximately $38 to 40 million in the capital.
The City of Madison Redevelopment Commission authorized Mayor Bob Courtney to negotiate the conditional agreement on February 12.
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