MIDDLEBURG HEIGHTS, Ohio -- City Council at its Oct. 9 meeting unanimously approved legislation authorizing Mayor Gary Starr to negotiate with JPMorgan Chase to buy city property and bring a new bank branch to Middleburg Heights.
Chase had previously presented Starr with a letter of intent indicating that the bank would be a $4 million project on the southwest corner of Pearl and Bagley roads.
The 4,000-square-foot building would be architecturally similar in style to the nearby McDonald's, CVS and Walgreens in order to "enhance the central part of the city," the ordinance indicates.
"This is a parcel the city bought several years ago and was the site of the old Suburban Inn, which became an eyesore and a blighted building," Starr said, adding that it would be a "significant improvement" to that corner.
"You can't get a better corporate citizen than the largest bank in the United States," Starr said.
Director of Economic Development Charles Bichara told council that the former bar was demolished in 2016 through the Cuyahoga County Land Reutilization Corporation at no cost to the city. The property has remained vacant since that time.
Chase will pay $150,000 for the 1/3-acre site, which is $37,000 above its market value. The corporation will also acquire property on which a Gulf gas station sits at 7250 Pearl Road.
"The presence of the proposed corporate financial institution will add business stability to the area and will provide a source of confidence for continued future investment in the area," Bichara said. "This project is a true public-private partnership between the city and Chase Bank."