New Olney Daycare Owner Moving In

A new Olney daycare began moving materials into its building Oct. 7 as the Olney Economic Development Corporation worked toward completing a lease-to-purchase agreement for the property.

OEDC Executive Director Tom Parker told the board that the operator had received preliminary state approval and was beginning to occupy the space.

City Councilmember Colson Ballard, who attended the meeting, said he had seen boxes being unloaded earlier that day.

The project still requires a transfer of the underlying land from the city to OEDC, Mr. Parker said. City Attorney Dan Branum had completed the necessary paperwork, and the transfer was expected to go before the Council.

Once that step is complete, OEDC can finalize the documents for the operator’s purchase agreement, Mr. Parker said.

The corporation originally budgeted approximately $102,000 for the project. Spending had reached about $106,000, with some landscaping, mowing and other expenses still to be accounted for.

The final project cost will determine the amount to be repaid through the lease-to-purchase arrangement, Mr. Parker said. The proposed repayment rate is $3,000 a month.

Under the original agreement, payments would begin in January, allowing the operator time to move in and prepare the business before repayments start.

Mr. Parker said the board might need a special meeting after Council action to complete the agreement. The operator needs the documents to address utilities and insurance, he said.

The update marked a step toward opening the daycare, although no opening date was announced during the discussion.

The board took no votes.