The Akron Beacon Journal reported that the city of Akron will pay $5 million to officially acquire Bridgestone Americas’ former technical center and the historic clubhouse.
The city is expected to turn around and resell the properties to other parties, but its agreement with the tiremaker came due and it was forced to act. Akron’s city council approved the purchased on June 3, a deal the city agreed to in 2009 as part of its incentive package to support Bridgestone Americas’ new $100 million technical center.
The former technical center building is located south of the old Firestone Tire & Rubber Co. headquarters building on South Main Street in the city, while the clubhouse is just across a plaza from the old headquarters.
To help the city, Bridgestone has helped finance the deal with the city issuing a 20-year note at a 4% interest rate, with the payments being made by Bridgestone as a tenant on the property. The tiremaker still produces race tires at the former headquarters facility.