The bid comes a week after the Conservation Fund’s $14.75 million offer for the property, which would maintain the 160-acre, Lyndhurst, Ohio club as a greenspace. The city looks to work with a developer if granted the project to create “a balance of greenspace, retail, housing and commercial.”
The city of Lyndhurst submitted an offer of $16 million for Acacia Country Club to counter the $14.75 million offer by the Conservation Fund a week ago, Cleveland Sun News reported.
Last week, nonprofit organization the Conservation Fund submitted its offer for the property, which it would maintain as a greenspace, which Club & Resort Business reported (“Conservation Fund Offers $14.75 Million for Acacia CC”). Acacia’s board will vote on that offer on Sept. 6.
Mayor Joseph Cicero informed Acacia of the city’s offer on Aug. 20 and stated in a press release the next day:
“The Acacia property is the last large undeveloped parcel in the city, and while I am very much in favor of greenspace, I also have recognized the fact that in the future, the city has to develop new areas of revenue production in order to remain afloat.
“The serious budget cuts enacted by the state, including the repeal of the Estate Tax, have left the city with a significant hole in its budget. The city will receive several million dollars less over the next few years, and must replace those funds.
“Without an additional source of revenue, the city will have to reduce services, lay off city personnel and enact a tax increase,” Sun News reported.
Cicero added that there are no plans for layoffs, higher taxes or reduction of services and that no city money will be involved, as they will work with a developer, Sun News reported.
“I want it to be known that I’m not against greenspace,” Cicero said. “I’m not talking about putting a Richmond Mall or Beachwood Mall (at Acacia). I’m not talking about all concrete, I’m talking about a balance of greenspace, retail, housing and commercial that’s included in the overlay district. (Any development) would stay in the character of Lyndhurst. Let’s do something that benefits everybody.”
Matt Sexton, Senior Vice President of Real Estate for the Conservation Fund had no comment on the city’s offer, but stated that the response from citizens is that they want the property to remain a greenspace, which he added would alleviate some nearby traffic congestion, Sun News reported.
The press release from the city of Lyndhurst provides a due diligence of 60 days for the city to have the property surveyed, check its environmental condition and review its title. Cicero said the offer received unanimous backing from the City Council, though he had not heard from the Acacia board, Sun News reported.
“I look forward to working with the economic development community for the greater good of the city of Lyndhurst and its residents,” Cicero said. “I see this purchase as being a tremendous benefit for the city, its residents and surrounding areas.”home research