Reprinted with permission from The Republic newspaper, December 12, 2018
Members of the FairOaks Community Development Corp. board finalized details for property management, accounting and legal services as board members prepare to close on a deal Friday to purchase the FairOaks Mall.
Board members agreed Wednesday to a six-month contract with Veritas Realty, Indianapolis, currently contracted to operate the mall, to continue as property management through June 30, with an option to renew for six months.
When the city, Columbus Regional Health and the Heritage Fund — The Community Foundation of Bartholomew County, become the new owners of the mall on Friday, they will pay Veritas $7,900 a month plus employee expenses for mall operations, said Dave Lenart, CRH director of facilities and materials management who is serving on the FairOaks project facilities committee.
The city, hospital system and Heritage Fund are partnering to purchase the 35-acre mall property at 2380 25th St. from FairOaks Mall Owner LLC for $5.9 million.
The mall, which opened in 1990, consists of one regional mall building and a storage building, surrounded by parking areas. The mall portion has 56 retail/restaurant/office spaces available in total, according to the mall appraisals.