• 59°

City close to deal on Honeywell land

A proposed industrial park in Ironton is closer to becoming a reality.

Thursday, October 25, 2001

A proposed industrial park in Ironton is closer to becoming a reality.

The city is close to closing the deal on the Honeywell property – formerly Allied Signal. If the deal goes through, the city would own a 40-acre tract of land to use in bringing industry into Ironton – and more industry equals more jobs.

Mayor Bob Cleary said the city has received a purchase agreement from Honeywell and has hired an attorney who specializes in environmental issues to check the language in the contract. The city, Cleary said, wants to guarantee it’s protected from any liability issues that could arise in the future.

The property, Cleary explained, has been given a clean bill of health – the property was deemed suitable for residential use – from the Ohio Environmental Protection Agency, but the city wants to play it safe in case EPA standards change.

Cleary said once the language issue is clarified, then council will need to adopt legislation on a bond issue to pay the city’s cost of the property. Cleary said Honeywell is selling the property for $375,000. Through grants, the State is footing $225,000, leaving $150,000 for the city.

Cleary explained that council would then draft legislation to support a bond issue. If the legislation passed, a bank would purchase the bond, and the city would make payments on the loan.

Cleary said ODOT has already sent a letter to the city with the intent to purchase an 8-acre tract of land for its operations. The money generated from selling the property would be enough to cover the bond.

Cleary said the city has been in negotiations with Honeywell since March of 2000, but Honeywell’s attempted merger with General Electric earlier this year put the sale on hold. Cleary said the negotiations restarted early this summer and has steadily moved forward.

If all goes well, Cleary estimated the city could own the property early next year. Cleary said industries other than ODOT have expressed interest in the property and the city would take the necessary steps to bring additional industry into Ironton, spelling more jobs for the city.