Remediating the Continental Steel site cost the EPA an estimated $8.5 million.
Lawrence McCormack, city attorney, said the process has taken a long time.
“The big issue was the tax liability,” he said of the millions in taxes owed on the property and the county’s ability to sell the property for less than the amount owed.
McCormack said the city intends to purchase the remaining 49 properties located in the floodplain at the certificate sale.
Commissioner Paul Wyman said transferring ownership of the land became a priority for the city after record flooding in April.
“The discussions have been taking place for 10 years, we finally found a way to make it happen,” he said.
Tyler Moore, president of the board of commissioners, said the discussions have involved the administrations of three Kokomo mayors and five city attorneys.
“It was a more difficult process than it appeared,” he said.