Akron City Council Approves Land Sale For White Pond Development
Akron, Ohio, December 13, 2022 — Last night, Akron City Council approved legislation to sell 68 acres of land located in the northwest portion of the city with Frank Blvd. on the north and White Pond Drive on the east to Triton Property Ventures (“The Developer”) for residential and potential commercial development. The City will sell the property for $25,000 per developable acre, which is currently estimated at 29 acres for a total purchase price of $725,000.
“I applaud Akron City Council for taking action yesterday on the proposed White Pond-Frank Blvd. development,” said Mayor Horrigan. “There has been a lot of discussion and debate regarding the merits of this proposal, and I think ultimately the right decision was made. Akron has a future which can be modern, healthy, attractive, and prosperous but we must be willing to embrace good opportunities such as this one when they present themselves. It's not every day we have a developer willing to take a risk of this magnitude on our city, and every time we turn that opportunity away, we send a signal to others that we don’t want that kind of investment. Last night, Council’s decision affirmed that Akron is ready and willing to hear good proposals for meaningful development in our city, and I commit to continuing to explore these opportunities when they arise.”
The next step in the process involves an inspection period where the Developer will be allowed to conduct soil tests and do any other tests or inspections of the site to determine if they still wish to purchase the property. If the Developer wishes to proceed after the inspection period, they will be required to conduct a survey of the land which will be provided to the city.
Contingencies of closing include, but are not limited to:
The Developer will contribute $15,000 to the City’s Capital Improvement Program for the purchase of trees throughout the city.
The Developer will provide a traffic plan or other study that is acceptable to the Traffic Engineer of the City.
The Developer shall provide an environmental risk mitigation plan or similar plan to protect the workers during construction and residents and employees following construction. That plan must be acceptable to the City and follow all OEPA guidelines.
The Developer plans to build residential units with the potential of some commercial development. The residential units include approximately 100 ranch style living units, and 100 town homes. These numbers may vary based on buildable area and layout as determined after testing and surveys. If commercial units are developed, it could include up to approximately 30,000 square feet of retail or commercial space. The city anticipates a considerable positive economic impact for the area including up to $8.8M to the Akron Public Schools and $200,000 to the Public Arts Council over the tax increment financing period. Additionally, the City estimates added income tax starting at approximately $102,000 each year and increasing as the site reaches full capacity.
"I want to thank the members of Council for their service to the City of Akron and its residents," continued Mayor Horrigan. "Each member was elected to represent the wishes and concerns of their respective constituents, and by the nature of representative democracy, that may mean we don’t always agree. That's how the process is meant to work, and I think it's important to note that I respect each and every member's vote even if I disagree with it. I also want to stress the importance of decorum and respect for this body and for the important work they do at City Council. As elected representatives, it’s imperative that we respect our residents and listen to them, and my hope is that moving forward, our elected officials are shown that respect in return.”