Posted: 12:00 a.m. Monday, April 14, 2014

One of the investors interested in purchasing the city-owned Bank One building downtown wants City Council to delay its decision on whether to sell the property.

In an e-mail to Mayor Lawrence Mulligan Jr. that was obtained by the Journal-News, Mike Robinette, who already owns several properties in the city, suggested council table its discussion set for Tuesday’s meeting.

At the last council meeting, members were told Toast of the Town Events LLC, offered $135,000 for the Bank One building, 2 S. Main St., and artist and owner Chris Walden planned to convert the building into an art gallery and event center. They heard a presentation from Doug Adkins, director of community revitalization, and will vote on the emergency legislation Tuesday.

Robinette has said that he was interested in buying the building, but was told by city officials that it wasn’t for sale, since it was being lease to Miami University Middletown. But when Robinette learned that Toast of the Town Events had made an offer, he made two offers: one for $185,000, and a second for $202,500, or $67,500 more than the offer the city is considering.

Adkins told council the offer was unsolicited and said it made “good sense” because it generated revenue, fit the downtown business plan and got the city out of the landlord business.

The building is valued at $137,980, according to the Butler County Auditor’s Office.

The city paid $275,000 in December 2010 to the Perry Thatcher estate for several downtown properties: CG&E Building, First National building, Masonic Temple and the Bank One building, Adkins said. He said the city received $202,000 from Higher Education Partners for the purchase of the former CG&E Building that is being used by Cincinnati State Middletown. If the Bank One building is sold, the city would make $62,000 off its investment.

City Council has donated the First National building to Cincinnati State Middletown and the Masonic Temple building to the Art Central Foundation.

In an e-mail to Robinette, Mulligan said council was interested in a selling the properties to “a broad, diverse group of investors and owners that can help move these properties forward.”

While Mulligan said there are examples where single ownership and control works well, but in the city’s case, he believed “diversification is better.”

Robinette’s investment group, Geo CRE, already owns the Goetz Tower and the Rose Furniture building.

Robinette wrote that the city should conduct a competitive process for the sale of this property. He said the Bank One property has significantly more valueable than the negotiated price of $135,000.

“We believe it is important that the city thoroughly evaluate all offers for the purchase of this property, considering their track record of success and ability to successfully complete and sustain the project,” he wrote.