Urbana Mayor Bill Bean described a proposed settlement with Thor Equities that would provide up to $50 million to the city over the life of the planned Urbana Technology Hub. His October 5 statement, reproduced by Peak of Ohio, says an initial payment would follow a first-phase building permit; later payments would follow occupancy approvals.
Bean said the developer would waive damages claims estimated above $115 million. That is the mayor’s description of claims, not a court award against Urbana.
The proposal also calls for an independently conducted environmental study and developer subsidies for water and wastewater upgrades tied to actual usage. Bean said the developer would not seek a Community Reinvestment Area tax abatement.
The framework is not final. Council review was scheduled for October 6 in executive session, and a settlement would require approval from both council and the federal court.