Kokomo Tribune; Kokomo, Indiana

Local News

April 6, 2013

City wants to buy vacant building

Common Council to vote on Armstrong Landon Building.

— The vacant Armstrong Landon Building and two nearby parking lots could come under city control if the Kokomo Common Council passes a resolution Monday.

Kokomo Mayor Greg Goodnight is asking permission to purchase the six-story building, the parking lot behind the building and a parking lot across Superior Street, on the west side of the Indiana Department of Revenue building.

The Armstrong building has been vacant since Harris Bank moved out in 2011.

Goodnight said the city simply wants to control future development on a key downtown corner.

“I don’t want to still own the building in six months or eight months,” Goodnight said Friday. “We’re not looking to expand the city’s footprint, or the size of city government. We’re not looking to relocate city offices.”

Bolinger Enterprises purchased the building, 105 W. Sycamore St., for $200,000 from Harris last year. The previous time the building sold, in 2002, First National Bank & Trust paid $5.3 million, according to county tax records. Harris merged with First National in 2008.

According to the county, about $128,000 in back taxes are owed on the property. Property tax records show no payments have been made since the first installment payment in 2011.

With the commercial real estate market hard hit by the recession, it has become more commonplace for cities to step in to finance deals, particularly on properties which might serve a particular use in developing a geographic area.

City attorney Lawrence McCormack said the city may turn the property over to the Kokomo Redevelopment Commission, which would in turn seek to find a buyer/developer for the property.

McCormack said the city is still in negotiations over a purchase price. However, the city administration needs permission from the city council to make the purchase. The council will decide whether to grant permission at Monday’s council meeting, 7 p.m. at Kokomo City Hall.

Goodnight pointed to recent city-brokered land deals in Columbus, Franklin and Carmel as models for what the city is attempting to do.

“This isn’t a new thing, except for Kokomo,” he said.

In Franklin, a city-funded, nonprofit is providing about 70 percent of the cost of turning an old downtown print shop into a retail/apartment development.

And in Carmel, the city’s redevelopment commission has spent about $4 million acquiring the former Party Time Rentals property at Carmel Drive and Rangeline Road and is seeking to sell the property to a developer who plans to raze the structure and build an as many as 450 luxury apartments.

Finally, in Columbus, city officials have proposed a deal whereby the developers of an $11 million downtown apartment complex would get $2.3 million in bond financing from the city. The city is planning to use most of the property tax revenue generated by the project to pay off the bonds.

Scott Smith can be reached at 765-454-8569 or at scott.smith@kokomotribune.com

For more on this story and other local news, subscribe to The Kokomo Tribune eEdition, or our print edition

1
Text Only | Photo Reprints
Local News
  • Indian Heights fire 01 [Duplicate] Fire engulfs Indian Heights home

    Josh Justice left his house and went to get a haircut Tuesday afternoon. When he came back, his house was destroyed. Firefighters said it was likely a propane-tank explosion inside an RV parked beside his house that caused severe fire damage to Justi

    July 22, 2014 2 Photos

  • Apollo 11 program at library Kokomo High School graduates Greg McCauley and Dave Hudson will present a 60-minute, graphic-rich multimedia lecture called Earth to the Moon: Celebrating the 45th Anniversary of Apollo 11 from 6:30 to 7:30 p.m. Wednesday. The lecture will be at the

    July 22, 2014

  • NWS - KT072314 - Kareen Dunn Kareen Dunn sentenced to 18 years for non-fatal shooting A Kokomo man charged in a 2012 shooting on East Mulberry Street pleaded guilty to an aggravated battery charge and was sentenced last week to 18 years. After accepting the guilty plea of Kareen Dunn, Howard Superior Court 4 Judge George Hopkins sente

    July 22, 2014 1 Photo

  • Main street group announces meeting TIPTON —- Tipton Main Street Association will meet at 8 a.m. July 24 at the Tipton County Foundation for a presentation on final qualifications needed to become a "main street association." Included are goals and cost estimates for the remainder of 2

    July 22, 2014

  • Howard County rejected for state preschool pilot Howard County is not among the five counties selected for Indiana’s new preschool voucher pilot. Gov. Mike Pence announced Tuesday that Allen, Jackson, Lake, Marion and Vanderburgh counties will roll out the program in 2015. Eighteen counties, includ

    July 22, 2014

  • Police: Peru man punched officer in the face

    PERU — A 51-year-old Peru man was arrested after allegedly flipping off a police officer and punching him in the nose. According to court documents released Tuesday, Peru Officer Matthew Feller was on patrol Friday when he observed Matt Shuey lean out his car

    July 22, 2014

  • NWS - KT072214 - Ryan Ledbetter mugshot - CLG Bunker Hill councilman arrested for firing gun BUNKER HILL – A member of the Bunker Hill Town Council was arrested Saturday after police say he broke a no-contact order with his children’s mother and fired a gun inside a trailer park near Peru. Indiana State Police responded to the Woodland Hill

    July 22, 2014 1 Photo

  • Lowe's plans 1,000-worker Indianapolis call center INDIANAPOLIS (AP) — Home-improvement retailer Lowe's says it will open a new call center in Indianapolis that could have up to 1,000 employees in the next couple years. The North Carolina-based retailer announced Tuesday that it would spend about $20

    July 22, 2014

  • Indiana governor's residence gets honey bee hive INDIANAPOLIS (AP) — Indiana's Governor's Residence is getting a bee hive to call its own. First lady Karen Pence was scheduled to unveil a honey bee hive Tuesday morning at the Governor's Residence on Indianapolis' north side. The hive and its bees w

    July 22, 2014

  • iRead program 03 Indiana improves overall rank on national child well-being report

    More Indiana parents are earning at least a high school diploma and their children are performing better in school too, but the advances in education still are not enough to counteract the lingering effects of the 2007 recession and lift families out

    July 22, 2014 2 Photos

Latest news
Featured Ads
Only on our website
AP Video
Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City Diplomatic Push Intensifies to End War in Gaza Obama Offers Condolences at Dutch Embassy Cat Fans Lap Up Feline Film Festival Raw: Lawmakers Scuffle in Ukraine's Parliament The Rock Finds His Inner 'Hercules' Michigan Plant's Goal: Flower and Die Raw: MH17 Passenger Remains in Kharkiv, Ukraine Raw: Israel Hits Gaza Targets, Destroys Mosques Veteran Creates Job During High Unemployment New Orleans Plans to Recycle Cigarette Butts
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries