Valpo, bank agree to swap land for park expansion

VALPARAISO | The city and Fifth-Third Bank have agreed to a deal that will expand the Central Park Plaza another half block to Lincolnway.

The site on the west side of the bank at the corner of Lincolnway and Lafayette Street is used for parking and is the location of the bank's ATM.

Valparaiso Mayor Jon Costas said during Thursday's meeting of the Board of Public Works and Safety efforts to get the property, ongoing since last fall, were successful.

Costas mentioned, during the discussion of the park's amphitheater project, of seeing a central park in another community and what a dramatic impact it had. 

"Now that we have the whole block, we will have an example of that right here," he said.

Costas and Stuart Summers, executive director of the city's Redevelopment Commission, said the agreement involves the swap of the bank property for a parking lot south of the park on Indiana Avenue. The city will pay Fifth/Third the difference in the value of the two parcels and for the relocation of the ATM to the parking lot.

"Fifth/Third was very cooperative, and I think they're happy with how it ended," Costas said.

The agreement is in the hands of the lawyers for both sides, and the final agreement could be ready for the Board of Works on Aug. 12.

Summers said the property isn't needed until the next construction season, so the bank will continue to use it during business hours, and it will be available for public parking in the evenings. Plans call for the parcel to have the second half of the splash pad as well as paths, lighting, landscaping and other features.

The city has a commitment to cover half the cost of the splash pad and still is seeking funding sources the other half and for other features. If the funding is available, the park will be completed in 2011.