The site where a former steel plant once stood is now owned by the city of Kokomo. The Kokomo Tribune reports the city acquired the former Continental Steel property Monday during a special tax sale. The city purchased it for $5,000 along with more than 50 other flood-damaged properties.
More than $5 million is owed in back taxes and liens on the tract. That money will have to be paid by any potential future buyer.
The land is an Indiana Superfund site that has received several rounds of remediation throughout the years. Flooding is also major issue and future development will involve mitigation.
The plant has been demolished and operations ended after the company went bankrupt in the late-1980s.
You can view a report on cleanup efforts from the U.S. Environmental Protection Agency by clicking here.
Source: The Kokomo Tribune