DELPHI, Ind. (WLFI)-Nearly 300 acres of land near U.S. 421 in Delphi sold to an out-of-state developer Tuesday night for 3.5 million dollars.
As we previously reported the city of Delphi has budgeted 2.5 million dollars to give the investors incentive to follow its plan for the land.
The city would like to see a residential development on nearly 300 acres as well as a hotel and urgent care facility.
Delphi is in the process of making the area a residential TIF district which would reallocate funds from property taxes to encourage investment.
It's also established as a rural opportunity zone which is another incentive for the developer that bought the land.
Anita Werling the Mayor of Delphi says this development has the potential to increase the tax base significantly
"We have a population of 3,000 and it's been 3,000 for the last 100 years," said Mayor Werling. "So just adding additional people to the community gives us an added tax base obviously but more people who will shop in our stores and visit the local restaurants and shops. "
Mayor Werling wasn't able to share who bought that land but said the buyer is from out of state.
She says they have been in talks with the developer who she says is interested in following the plan Delphi has in place for the land.
She adds it will likely be a year before ground is broken on any future developments.