DAYTON — The Montgomery County Land Bank will take ownership of most of the Dayton Arcade to eliminate about $500,000 in delinquent property taxes to help redevelop the complex following a vote.
The lank bank will accept the property deed for five of the Arcade buildings in lieu of taxes from the current ownership group.
The land bank will enter into a lease-to-purchase agreement with the Arcade’s new developer, Maryland-based Cross Street Partners, that is designed to transfer the properties to the firm over the next six years.
Cross Street Partners needs to show that it has control of the property before it can be eligible for a state historic tax credit award, the applications for which are due at the end of the month.
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