The land is known as the Martinek tract, named for the family who owned it. It is, for now, the largest undeveloped tract in the downtown area.
Buying the land secures it as a corner of downtown Celina, the “crown jewel of the city,” and establishes it as a way the city can reinvest in its legacy, Satarino said.
“It really is an opportunity unlike any other,” Satarino said during a Sept. 10 Celina City Council meeting.
What happened?
An update on the $13 million purchase, which included the EDC’s first bond sale of $8 million in sales tax revenue, was presented to council members Sept. 10.
The remaining $5 million for the property came from the EDC’s cash reserves and will be paid out over the next few years, Satarino said.
While the purchase has been discussed off and on for the past few years, it was only finalized Aug. 30, according to a meeting presentation. Included in the purchase was a five-year leaseback on six acres of the land, allowing the Martinek family to rent the land back from the EDC for their business operations in the meantime.
What it means
The “strategic land purchase” of the Martinek tract allows the EDC to have another way to attract businesses to the area, Satarino said. It also allows the city and EDC to have land that could be leveraged for future developments, he said.
“It's a really great way to expand downtown and keep downtown the heart and soul of the community,” Satarino said. “It ensures that the city and the EDC are heavily invested in downtown and looking out for the future.”
What comes next
The EDC and City Council are expected to hire a master plan consultant in November before kickstarting a roughly six-month study on what to do with the land.
Any development, which is undecided for now, will be done through a private-public partnership as officials look to tie the land into the overall downtown area and nearby Ousley Park, Satarino said.
The EDC is also taking on $300,000 to clean up and remediate the property, he said.
“This is going to be really great for the downtown and the city in general,” Celina council member Andy Hopps said.
Here is what the next year looks like for the Martinek tract:
- November 2024: master plan consultant hired
- December 2024-June 2025: consultant conducts a master plan study
- Fall 2025: remediation begins
- December 2025: city initiates a public-private partnership for property development
“It's just an open book right now,” Satarino said.
