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Agreement Reached with State Road Shopping Center Owners

Mayor Don L. Robart is pleased to announce that an agreement in principle has been reached with the owners of the State Road Shopping Center. The City has offered to purchase the State Road Shopping Center for $10,200,000 and State Road Associates has agreed to sell all twenty-nine acres with the exception of six outlot parcels which they will continue to own. Arby's, Burger King, AmTrust and Pizza Hut on State Road and Blockbuster Video and Goodyear on Graham Road will not become part of this acquisition.



The offer and acceptance were reached after the City filed for eminent domain action on October 9, 2007. Depositions were to begin on January 17, 2008; instead, a meeting between city officials and State Road Associates ensued that same day resulting in an agreement in concept.



Mayor Robart is elated that the ordeal has resulted in a purchase by the City. "The legal process could have taken years to resolve. This action will provide us the opportunity to facilitate efforts to redevelop the site sooner; our residents deserve that". Notwithstanding the agreement in principle, the deal won't be finalized until City Council has approved it. "Several ordinances will require approval by City Council before the deal is finalized", stated Development Director Susan Truby, who estimates that the entire process may take approximately three months to finalize.



The City plans to meet with the remaining eighteen tenants to discuss details for eventual vacation. "Redevelopment efforts won't occur overnight, however, this transaction certainly places the City in the driver's seat to properly redevelop the property" stated Mayor Robart, "it's been a long time coming".



January 23, 2008

Contact: Susan L. Truby

Development Director

City of Cuyahoga Falls

330/971-8142

Last changed 07/21/2011 - 8:46am by petron@cityofcf