The sales price for the garage property was $13,600,000, and the sales disclosure document indicates that the City bought the property on contract, in keeping with the MDC Resolution authorizing purchase (approved on June 6, 2009). The wording in Resolution #09-R-006, specifies:
The Commission's authorization of the purchase of the Parking Garage is conditioned upon the negotiation and execution of a Project Agreement between DMD and Market Square Garage/Ops Partners, LLC, substantially incorporating the terms and conditions set forth in the attached Term Sheet.
That attached term sheet includes such things as a requirement that the developer prove within 3 months, that financing for the project 'is available', and that the developer commences development within 12 months. I have requested the 'Project Agreement' and the proof of financing documents.
Also on February 25, 2010, Market Square Garage/Ops Partners, LLC, purchased the garage property from Market District Garage, LLC, based in Columbus, Ohio, for the very same $13,600,000. They also purchased the city block with the address of 450 E. Market Street (and 450 E. Washington Street), the same day for $1,381,366.20, from MS Ops Center, LLC, based in Columbus Ohio, and using the same address as Market District Garage, LLC.