Springboro council OKs $380 million Austin South deal

Published: Thursday, September 07, 2017 @ 9:31 PM
Updated: Thursday, September 07, 2017 @ 9:31 PM

Springboro City Council approves $380 million development.

The Springboro City Council gave the green light Thursday on development of the $380 million Austin South Springboro.

The council voted after developer Larry Dillin unveiled the project publicly for the first time.

With two members absent, the council approved a resolution 5-0 authorizing City Manager Christine Thompson to sign the development agreement with Dillin’s companies.

Those companies are VisCap - the company under which Dillin is developing and leasing on both sides of Austin Boulevard since taking over for developer Randy Gunlock and RG Properties - and Springboro Landing Associates - the company owning the 63.7 acres in Springboro city limits and 3.5 acres in Miami Twp.

“This is a wonderful thing for Springboro,” Mayor John Agenbroad said.

RELATED: Springboro ready to approve Austin South development

Now the city and Dillin’s companies begin a contingency period of 90 to 180 days expected to lead to arrangement of financing for the project. Annexation of the Miami Twp. land into Springboro is among the contingencies.

By late spring 2018, the project could be breaking ground.

It comes as Dillin concludes work at Austin Landing, a mixed-used development at Austin Boulevard across from the new project site along Interstate 75.

RELATED: Austin South could spur $350 million in development

Springboro is to finance more than $32 million to pay for roads and other infrastructure.

Dillin, his investors and the companies moving to the development are expected to put in as much as $350 million, according to the development agreement released this week.

Upscale senior and multi-family housing, a hotel and retail are among the uses anticipated in the first phase of the 67-acre development on the southeast corner of Interstate 75 and Austin Boulevard, in Springboro and Miami Twp.

RELATED: Council traveled 2.5 hours for meeting at Levis Commons

Dillin and the city reached agreement after setting aside terms of a settlement reached by the city and the prior developer, R.G. Properties, in a lawsuit about plans to build a WalMart there.

RELATED: Springboro ready to negotiate on property across from Austin Landing

The development agreement sets a schedule of payments to Miamisburg City Schools, starting in 2021. Payments of more than $3 million would be in lieu of taxes on the improvements that are to be diverted through tax incremental financing to help pay for the development.

The development is to be accessed off Austin Boulevard by an entrance across from one leading into Austin Landing and allowing no left turns for westbound motorists. A full entrance would be built off 741, Main Street in Springboro.

Dillin is also expected to be involved in redevelopment of Springboro’s central crossroads, Main Street and Central Avenue, Ohio 73 in Springboro.

Far Hills Bob Evans property sold for $2.5M

Published: Friday, December 08, 2017 @ 4:59 PM
Updated: Wednesday, January 17, 2018 @ 4:23 PM

CONTRIBUTED
CONTRIBUTED

The sale of area and Ohio Bob Evans restaurant properties continues.

A New Albany outfit has purchased the property housing the Centerville-area Bob Evans restaurant for $2.5 million.

The 4,992-square-foot building and 1.25-acre site at 7115 Far Hills Ave. was sold to Timothy P. and Paula S. Heather, of New Albany, Ohio, according to Montgomery County property records.

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The new owners give the same address as the Bob Evans headquarters in New Albany.

The local franchise food site was built in 1986.

Bob Evans has been restructuring its business and selling its restaurants quickly. Back in May, a trio of Dayton-area Bob Evans restaurants sold for a total of $5.6 million.

At the time, Bob Evans Farms Inc. had divided its business by keeping its food production side and selling off its restaurant chain to private equity group Golden Gate Capital.

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Bob Evans Farms, Inc. said in January it intended to sell off its restaurants to focus on packaged foods.

Golden Gate Capital bought the restaurants for $565 million, and Bob Evans Farms bought Pineland Farms Potato Co. for $115 million.

House hunters, here are 5 secrets to getting the best home loan

Published: Thursday, October 19, 2017 @ 5:01 PM

Getting a home mortgage loan is one of the most important financial commitments most people will ever make, since the terms of your loan can affect your finances in a big way for years to come.

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Start shopping for a loan before you actually begin looking at homes, since this lets you know where you stand and gives you greater negotiating power with sellers.

The following are five important things you should know before and during the home loan shopping process:

Know your credit score

Your credit score has a great effect on how easily you'll be able to get a home loan as well as on the interest rate you'll pay, according to Realtor.com. Your score takes into account your credit history, current debt and other factors. Lenders use it to determine your credit-worthiness.

Check your credit report before you start the process of applying for a home loan. This way, you can correct any errors – which do occur sometimes. If your score is particularly low, you may want to delay applying for a loan until you can improve it.

Research, and research some more.

Your Realtor may recommend a mortgage lender, and it doesn't hurt to use this as a starting point. However, if you fail to shop around, it could cost you a substantial amount of money over the years.

Consumer Reports recommends casting a wide net when you're shopping for a home loan. Try large national banks, regional banks, credit unions, online banks and mortgage brokers, but be sure to compare them within a few days of each other since rates can fluctuate.

Make sure you’re making an accurate comparison on loan quotes.

When you're getting quotes from several lenders, you'll need to make sure you're making an apples-to-apples comparison, according to CBS News. The loan terms should be the same, and so should the loan type (variable or fixed-rate, for example).

"Points" are also an important consideration. These upfront fees reduce the interest rate on your loan, and you should get each potential lender to give you a rate with and without points so you can make an accurate comparison.

Ever heard of PMI? You might need to get to know it.

If you're not making a down payment of at least 20 percent, your lender will usually require PMI, or private mortgage insurance. Although you're the one paying for the insurance, it doesn't protect your interests. Instead, it protects your lender in case you default on your loan.

Forbes recommends saving up for a 20 percent down payment if you can, since PMI adds to your monthly costs. 

Prepare yourself for closing costs.

Be aware of the closing costs you'll pay as part of your loan, Investopedia recommends. You'll be stuck with some of them, but others can sometimes be negotiated. These include application fees, underwriting fees, mortgage rate lock fees and loan processing fees.

As a starting point, Bankrate lists the average closing costs by state, so you can have an indication of how reasonable your potential lender's fees are.

Equifax example shows what companies shouldn’t do

Published: Tuesday, September 26, 2017 @ 9:46 AM

AP Photo/Mike Stewart
AP Photo/Mike Stewart

As the chief executive of Equifax Inc. steps down, a Dayton-area cyber-security expert says the company’s example in the past few weeks has been a case study in what companies in similar situations shouldn’t do.

“When there’s a potential loss of data or (a sign that) data has been compromised, the first thing not to do is start covering your own butt,” said Shawn Walker, co-founder and vice president of Miamisburg-based Secure Cyber Defense LLC.

Richard Smith, the chief executive of Equifax Inc., is retiring less than a month after his company first publicly acknowledged that it sat on news of a broad cyber-theft of customer financial data.

The retirement is effective today, according to a company statement. Mark Feidler, an Equifax board member, will serve as “non-executive chairman,” Equifax said. Paulino do Rego Barros, Jr., president of company’s Asia Pacific region, has been appointed as interim CEO.

RELATEDSenator calls for SEC, Justice investigation into Equifax

“The board remains deeply concerned about and totally focused on the cyber-security incident,” Feidler said in the company’s statement. “We are working intensely to support consumers and make the necessary changes to minimize the risk that something like this happens again.

“Speaking for everyone on the board, I sincerely apologize,” he added. “We have formed a special committee of the board to focus on the issues arising from the incident and to ensure that all appropriate actions are taken.”

RELATEDEquifax steps back from ‘forced arbitration’

Equifax — one of the biggest consumer credit reporting agencies — acknowledged earlier in September that it suffered a “cyber-security incident” that affected about 143 million U.S. consumers.

The unauthorized access to the company’s data happened from mid-May through July this year, but the company did not alert customers until about six weeks after it was uncovered.

Information stolen primarily included names, Social Security numbers, birth dates, addresses and even some driver’s license numbers, the company said.

Walker said Equifax is showing that companies need detailed plans in place to deal with cyber attacks before they happen.

“We’re seeing an example where companies at the highest level are starting to feel the blowback that will come of not adequately protecting data,” Walker said Tuesday.

There were also reports of Equifax executives selling company stock after the breach was discovered but before it was publicly acknowledged.

Warren County’s most expensive home valued at more than $2.1 million

Published: Tuesday, August 22, 2017 @ 11:34 AM

5 of Warren County's most valuable homes are in the same neighborhood.

Warren County’s most valuable home features more than 8,500 square feet of living space on just under 0.8 acres in the Long Cove development in Deerfield Twp., where five of the county’s highest valued homes are located, according to the Warren County Auditor’s Office.

MORE: Montgomery County’s million-dollar homes

There were 95 homes valued at $1 million or more listed by the auditor in response to a public-records request. The list does not include properties worth more than $1 million, when most of the value is in the land, rather than the home, according to County Auditor Matt Nolan.

MORE: Area property taxes as percentage of median value

The five-bedroom masonry home is valued at more than $2.1 million, about $400,000 less than the most highly valued home in Montgomery County.

The building is valued at nearly $1.9 million. The property and house sold for $1.5 million in January.

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MORE: Warren County property values dropped in 2010

The home, built in 2008, includes a 3,679 square foot finished basement and a 650-square foot rear porch valued at $13,000. There are five full baths, four gas fireplaces and two half baths.

The outdoor pool is 25 by 49 feet and valued at $44,100. A 16-by-16-foot covered patio is worth another $6,200, according to the latest property valuation.