Dayton City Commission to Sell Real Estate to CU for $10

The Dayton (Ohio) City Commission on June 29 approved the sale of land on Liberty Street to CODE Credit Union for $10.

CODE Credit Union plans to build a two-story, 8,600 square foot building on the lot at the cost of $2.4 million.

The City Commission justified the sale of the land because it believed it was in the public interest. The City Commission cited that this transaction would promote economic development, foster job creation, and improve the quality of life within the City of Dayton.

CODE Credit Union at the end of the first quarter of 2016 had $117 million in assets. The credit union reported a profit of $318,402 for 2015.

It appears that the credit union got a sweetheart deal.

But is the selling of a plot of land for $10 to a profitable credit union in the public interest?

Read the June 29 meeting agenda.