The MMPD first publicly announced its interest in purchasing the property located at 100 Scott St. on the Metropolis riverfront in September 2012. In the 16-months since, the district’s board has entered two intergovernmental agreements with the City of Metropolis regarding the property, continued negotiating with Ingram officials in Nashville and talked with potential occupants of the property.
At Thursday’s meeting of the Metropolis Rotary Club, MMPD chairman Richard Kruger made the formal announcement that the district board voted at its Jan. 21 meeting to accept a proposal from Ingram for the property. At a special meeting Monday, the MMPD board approved the final terms of that agreement.
“It’s taken a lot of negotiations and trips to Nashville,” Kruger said.
Kruger noted that after MMPD’s acceptance of the proposal, it is still subject to two Ingram boards — Ingram Barge Co and Ingram Industries. “Once we tell them, they’ll give us a draft of a Preliminary Non-binding Indication of Interest. Then it’s up to their two boards,” he said. He hopes the sale will close within the next three weeks.
Under the proposal:
• MMPD will purchase the entire Ingram property for $2.7 million — down from the company’s original asking price of $4.8 million. The net purchase of the property is $1.7 million.
• MMPD will lease back to Ingram about 7 acres with almost 1250 feet of riverfront, two buildings, 2 acres of storage area for its industrial salt leases and the upper concrete ramp. Kruger said the 20-year lease of $1 million would be paid up front, reducing the amount MMPD owes for the purchase to $1.7 million. The proposal also provides the company non-exclusive easement from Fifth to Main streets to the property and a vehicle access yard,
• MMPD will retain the remaining 13 acres with 500 feet of riverfront, eight buildings and the downriver concrete ramp.
That riverfrontage plus the 2500 feet of wharfage rights MMPD obtained from the City of Metropolis in November 2013, provides MMPD the area to develop an intermodal port in Metropolis.
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