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XCS to auction former Spring Hill Elementary site


XENIA — The former site of Spring Hill Elementary in Xenia is scheduled to be sold by absolute auction (no reserve price) on May 31.

The district upgraded its elementary programs with new state of the art facilities in 2012. The Spring Hill Elementary building has since been removed from the property at 860 Ormsby Drive, leaving 5.25 acres of land that Xenia City Planner Brian Forschner hopes will attract new development to the Spring Hill area of town.

“(It is) a rare infill development opportunity in the growing Xenia market for quality housing,” Forschner said. “Located in a beautiful historic neighborhood within walking distance of the Xenia Station bike hub/splash pad, Spring Hill Park, and downtown.”

Local real estate and auction company Sheridans LLC will conduct the auction at 1 p.m. at the XCS board office, 819 Colorado Drive.

The property has already been rezoned for single family residential use and has all public utilities available and can be divided into potentially 21 residential lots. Also, the property is located within one of the city’s community reinvestment areas, which can provide up to 15 years of real estate tax abatements to the developer and eventual new home owners.

Building a new home, store or office, or investing in renovations can make real property taxes go up. A tax abatement in a CRA makes it possible for property owners to avoid all or a portion of the tax increase caused by improvements over a 10-15 year period. This can result in a significant savings to a property owner that could help to make redevelopment and building improvements more financially feasible. CRA’s are permitted by the State of Ohio and have been used successfully by numerous communities throughout the state to attract new housing and business investment. The City of Xenia’s CRA encompasses downtown Xenia as well as other nearby business districts and residential areas to the east, west and south, including the Spring Hill area.

“The sale of this property is a win-win for everyone involved,” said Dr. Gabriel Lofton, superintendent of Xenia Community Schools. “It will benefit the community by making land that has been sitting unused for more than a decade available to families in the Spring Hill neighborhood, while also generating revenue for the district and eliminating the need to manage and maintain property.”

The State of Ohio requires public schools to sell real estate by public auction. According to Matt Sheridan, real estate broker and auction manager, “This is a great opportunity for a local builder or developer to tap into the strong real estate market.”

”It is rare to find a residential development property in an established area of town like this, and the real estate tax abatements make it even more enticing,” he said. The property will sell with live and online bidding available.

Following the auction on May 31, the XCS Board of Education will review the results of the sale at its next scheduled meeting in June with the plan of approving the sale at that time with the closing to occur approximately 45 days later.

For complete auction information, visit www.SheridanTeam.com.