The Montgomery County Council on Tuesday approved funding for a commercial real estate agency to attract new companies to the county’s key industrial areas.
Indianapolis-based Holladay Properties has reached an agreement with the Montgomery County Redevelopment Commission with the goal of securing three companies and getting 100-200 acres of land under control in designated areas by 2025.
Brokers would focus on properties in the Nucor Road corridor, where officials have laid the groundwork for future development by extending water and sewer lines. But the agents would also work to spur development around the Interstate 74 exit at State Road 32, north of the I-74 ramp at U.S. 231 North and along U.S. 231 South.
The regions are identified as prime growth areas in the county’s economic development plan.
The redevelopment commission selected Holladay after reviewing proposals from several other firms sought to help put the county on the radar of developers. The Board of Commissioners must vote on a contract.
If hired, Holladay’s brokers would study properties in each zone and determine any steps necessary to make the sites more attractive to potential developers while identifying and recommending utility or infrastructure needs.
Holladay also would develop a marketing plan for the designated areas, solicit potential companies and assist in reviewing offers from interested buyers.
The county will pay a $4,000 monthly marketing fee to the company, which also gets a percentage of the sales price of a property, under the agreement.
The commissioners asked for $63,000 in riverboat casino revenue to begin the work. Additional money will likely be requested next year.
Nearly $100,000 had been budgeted for marketing in 2021, but the council voted last month to eliminate the funding because no specific plan had been presented before the budget was adopted.
“So this is sooner than 2021, but here’s the plan,” said councilman Gary Booth, who serves on the redevelopment commission.
Instead of the proposed five-year term, councilman Mark Davidson suggested giving Holladay just 90 days to begin approaching companies before the council decides on funding the rest of the agreement.
“It would be an incentive for them to do good in the first three months, also, in my opinion,” Davidson said.
Councilman Greg Morrison, who is a realtor, said three months wouldn’t give the company “enough time to even start scratching the dirt.”
If Holladay brings enough companies on board by 2025, the agreement can be extended for up to six more years.
In other business, the council:
• Reappointed Theresa Sutherlin to the Darlington Library board.
• Recognized Morrison, whose term ends next month, for his service on the council. Morrison said he had mixed emotions about leaving but expressed confidence for incoming councilman Jake Bohlander and fellow at-large councilmen Booth and David Hunt, who also won seats in the election.
