PORTSMOUTH — Scioto County Commissioner’s discussed the opportunity to purchase the Chillicothe Street Fifth Third building at their meeting on Thursday.
“It’s been almost two months since the board allowed me to begin negotiating on the behalf of the county for the Fifth Third building on Chillicothe Street,” said Commissioner Scottie Powell. “The initial price of that was $570,000 but we were able to negotiate down to $418,000.”
Powell said they did sign a letter of intent to lock in the price of $418,000.
“We’ve been going back and forth with the prosecutor’s office for a purchase agreement and a sell agreement,” said Powell. “We still have due diligence to do on terms of somebody getting in there and looking through the building but this is moving us towards closing.”
Powell said this is a huge project.
“This is an opportunity to provide economic development in our downtown area. So often we talk about manufacturing which of course we need but then Jobs Ohio also looks if there are any back office offerings and this gives us the ability to have a different product to offer,” said Powell.
Powell said Fifth Third and the real estate agent have been great to work with.
“I think they see the value in the county being able to acquire this property, they’re still in the community, they’re still serving the community, and I think they see a value in what we can do with that property,” said Powell.
The Commissioners plan to move forward toward closing.
“By signing these documents we would have to put $25,000 in escrow while we go through the process and closing is around June because they still need to move out into their other building but the next step is to choose to buy this property,” said Powell.
Fifth Third Bank will be relocating to 1115 Gay St. Portsmouth, OH 45662 which was previously Jimmy John’s.
Commissioner Bryan Davis thanked Powell for getting the price lowered.
“I want to say thank you, Chairman Powell, for getting the price reduced $152,000, that’s pretty amazing and I appreciate your negotiations,” said Davis.
Reach Darian Gillette at (740) 353-3101 ext. 1931, or by email at [email protected]
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