Due diligence period for Midway Mall sale extended to October

ELYRIA — The due diligence period for completion of the $17 million sale of Midway Mall in Elyria has been extended to early October, the Lorain County Port Authority board of directors learned Wednesday. Due diligence is the time period in a real estate deal between when an offer is accepted and when the deal is closed. That has been extended to early October, attorney Connie Carr told the board during a brief meeting Wednesday. She said she didn't recall the exact date but that an extension had been requested and approved. The purchase contract for the mall, signed by buyer Industrial Commercial Properties, said due diligence could be extended by up to five months past the initial 90-day due diligence period. Port Authority Director Jim Miller signed the contract in April, more than a year after the sale was announced and approved following a selection process. The Port Authority bought the mall from private owners in 2023 with $13.9 million it borrowed from the Lorain County commissioners.ICP has announced plans to turn the 865,000-square-foot mall into a business park with a mix of commercial, retail and light industrial uses. The proposal is expected to bring up to 600 jobs to Elyria, officials have said. The project is one of several million-dollar projects the Port Authority is involved in, Miller said Wednesday. Though the Port Authority couldn't back the bonds itself, he said the Port Authority took part in an agreement to issue $8 million in bonds for the expansion of the Kendal at Oberlin retirement community. The Port Authority isn't allowed to issue more than $10 million in tax-free bonds annually, Miller said, but the Port Authority helped Kendal find another backer as part of a cooperation agreement. Miller said the Port Authority also has closed a deal backing $5 million in bonds for the Lorain Port & Finance Authority amphitheater at Black River Landing, which is undergoing expansion. Groundbreaking for a permanent amphitheater is expected following the end of the 2025 season of the Rockin' on the River concert series. The Port Authority also is financing a $1.1 million to $1.2 million elevator replacement project at Tokar Tower, a 10-story office building at 124 Middle Ave. in Elyria, Miller said. Contact Dave O'Brien at (440) 329-7129 or dobrien@chroniclet.com.