I found the numbers that I was looking for on the value of all the buildings in the Thatcher Estate that were purchased by City Hall....1.43 million dollars. Yes sir them boys down at City Hall have done a fine job making money on these properties using tax payers money....and they can't understand why this city is going broke.
Teacher! Teacher! I have the answer....


Updated: 2:07 a.m. Tuesday, Nov. 2, 2010 | Posted: 2:06 a.m. Tuesday, Nov. 2, 2010

Council to discuss buying downtown buildings

Cincinnati State plans branch campus.

By Jessica Heffner

Staff Writer

    MIDDLETOWN — A new downtown college branch campus could have a price tag of up to $500,000 if City Council decides to purchase buildings for use by Cincinnati State Technical and Community College.

    Council will hear a report on two separate resolutions to purchase the former CG&E, First National Bank and Bank One buildings on Main Street — as well as the Manchester Inn & Conference Center and Sonshine Building on Manchester Avenue, and a lot at 105 Main St. According to the legislation, the resolutions would authorize City Manager Judy Gilleland to purchase the properties for up to $500,000 using monies from the Downtown Improvement Fund.

    While officials from Cincinnati State indicated they would use only four of the properties and the former Middletown Senior Center — which the city owns — during the initial campus start-up, Mayor Larry Mulligan said the First National and Bank One buildings would be “mothballed” for future growth.

    While executors of the late businessman Perry Thatcher’s estate indicated they wish to gift buildings owned by the estate for use of the school, Mulligan said the city would pay the remaining mortgage balance on those properties.

    Thatcher’s estate owns the First National Bank, Bank One and CG&E buildings and has a 50 percent interest in the Manchester Inn, according to Butler County auditor records.

    According to Butler County Probate Court records, Thatcher’s estate is worth $15.93 million. About $1.43 million of that is tied up in the value of the buildings the city is looking to acquire for Cincinnati State.

    Two claims have been made against the estate by area banks regarding funds owed. Fifth Third Bank is claiming $296,000 against the estate, plus interest and attorney’s fees, while First Financial Bank has made a claim of $986,646.08. Councilman Dan Picard is representing First Financial in that claim, according to probate court records. Neither claim indicates what assets or properties may pertain to the debts.