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Old 11-09-2013, 09:48 AM   #4
XDCX
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Join Date: Nov 2007
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Quote:
Originally Posted by chryslersrt8 View Post
Closed a long time. Ground was contaminated as well. City wants to clean it and use it for expansion around Indiana University local campus housing expansion. No dealer in their right mind would consider using that location today. At one time 30 years ago it was a huge dealership with big sales numbers. Urban blight killed it.
Thanks for the update - it's great to hear from someone who knows the market that this is no longer a viable point. (I hate to see closed dealerships but I understand that some locations reach a point where they are no longer viable - mostly due to urban blight.)

Quote:
Originally Posted by chryslersrt8 View Post
Only issue is Gary is in sad shape financially. How the city will make up a $30,000 tax shortfall is the big question.
It appears that Ford got the better end of this deal when they sold the property to the Redevelopment Commission for $10. If the property is contaminated and has been on the market for six years without finding a buyer Ford was smart to cut their losses and dump the property.

I'd still be interested to know if Ford has completely severed their liability for cleaning up the contaminated soil?

Concerning the $30,000 in property tax - based on the current top lease offer of $200/month for the dealership I'm betting that it's going to be a long time before the Redevelopment Commission generates enough rent to offset the loss in property tax.

Quote:
Originally Posted by chryslersrt8 View Post
Property is about 1 1/2 mile south of I94 on Grant Street...about 12 miles east of Illinois/Indiana border.
That's why I thought the point must be viable. As a West Coast guy when I see a dealership location near a major freeway off-ramp I just assume it's a goldmine.
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