Совет Кеттеринга одобрил продажу земли частному фонду для создания рабочих мест

The city of Kettering may be selling nearly 13 acres of city-owned land to a private equity firm for almost $1 million after the Kettering City Council authorized an option agreement. The council approved entering into an option contract with PAX Equity LLC, a private equity firm, to facilitate the sale of approximately 12.77 acres of city-owned property in Kettering Business Park. “PAX Equity LLC desires to purchase 12.77 acres from the city to construct new facilities to support economic and job growth in the city,” said Bryan Chodkowski, an assistant city manager at the city of Kettering. The option contract allows PAX Equity LLC to control the property so it can seek tenants for that property in the Kettering Business Park, he said. Option contracts are financial agreements that allow one party the right, but not the obligation, to purchase property. “Having control over the land will allow PAX Equity the opportunity to acquire the appropriate letters of interest from future tenants while simultaneously negotiating the terms and conditions of an economic development agreement, as well as the terms of the final sale with the city,” Chodkowski said. Based on the initial terms of this option agreement, the estimated sale price is $957,750, he said. The economic development agreement Chodkowski mentioned would be with the city of Kettering, which states in its resolution approved by the council that the city “seeks to preserve jobs, increase employment opportunities, and to encourage establishment of new jobs within the corporate boundaries of the City, in order to improve the economic welfare of the City and its citizens.” PAX Equity is a private equity firm with a focus on industrial real estate and logistics assets, the latter referring to resources used to handle and move goods through various supply chains. The firm is based out of Houston, Texas.