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Canfield council mulls Red Gate property



Published: Wed, March 5, 2014 @ 10:31 p.m.

CANFIELD

Canfield City still has about 290 acres of property on Leffingwell Road and U.S. Route 62 with no course of direction for the future after 11 years.

The property, Red Gate Farm, has brought the city some income through agricultural leases, but about $700,000 is still owed on it.

It was purchased for $2.3 million,

A recent $175-acre bid from Martig Farms of Beloit for 200 of the acres would bring in about $35,000 every year for three years.

“In order to bring more revenue into the city, the city has to grow,” Councilman John Morvay, said at Wednesday’s council meeting. “That asset could become very valuable. Why get rid of it now?”

Read more of council's actions in Thursday's Vindicator or on Vindy.com.


Comments

1INTEL(61 comments)posted 4 months, 2 weeks ago

Buying the Red Gate Farm was probally the dumbest thing Canfield ever did.. I am sure a few people got their pockets lined...

Now we want to sell the place.. and probally loose 3/4 of a million dollars in the process because the land is not worth what was paid for it... and on the same note.. Masternick wants to build a 72 bed home and create jobs and tax revenues for the city and Mr Joe says no.... why not run sewers and water out that way.. it would be one step closer to getting some returns to the city to create income and a better tax base.. Mr. Masternicks plan would return a quicker revenue that the Red Gate Farm ever will.........

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