Oxford Village voters will be asked in the March 8 election to approve a land swap with Oxford Bank, which which will benefit both the village and bank according to representatives from each side.
“In my opinion, this swap is worth doing from the village and bank’s point of view,” said Councilman Dave Bailey at the Jan. 27 village meeting.
Dubbed “Proposal A,” the ballot request will ask voters to convey to Oxford Bank the property commonly known as “Edison Alley,” an approximately 345-foot long and at least 25-foot wide stretch of village land located between Broadway St. to the south and Stanton St. to the north. The alley way divides the bank’s property into a western parcel, containing the main branch office, and the eastern parcel, containing the finance center.
In return, Oxford Bank will convey to the village the 575-square-foot southwest corner of its parcel (located at M-24 and Broadway St.) and an approximately 335-foot long and 49-foot wide stretch of land (dubbed “Proposed Alley” in the ballot language), located between Broadway and Stanton streets at the eastern most edge of the bank’s property (behind the vacant lot and finance center).
Contained along that stretch is a house (17 Broadway St.), which the bank owns. The house would have to either be demolished or relocated in order for the property to become the new alley. Included with the proposed alley is an approximately 450-square-foot corner on Broadway St., which would become a southbound right-turn lane for the alley.
Village officials said the proposed swap will benefit the bank in that it will create a “larger, contiguous” parcel, which will allow the financial institution a more “usable lot” for future development.
The proposed swap will also “solve a significant safety problem,” according to Manager Mark Slown.
He called the current alley way “very hazardous” to both pedestrians and motorists because it runs directly through the middle of the bank’s parking lot.
“I whole-heartedly recommend (the proposed land swap) to you,” Slown told council.
Oxford Bank President Jeff Davidson said the bank has “agreed in concept” to the land swap. There is no written agreement yet regarding the proposed swap, only a verbal one, he said.
“We have no problem with the swap,” said Davidson, noting the bank sees “no negative effect to us” and a “net positive effect for both (parties).”
Davidson said the swap “allows (the bank) better use of its property.”
“It gives us more flexibility” should the bank decide to “restructure our parking lot” or “expand” the drive-through area, “if we so desire,” Davidson said.
As for the village, the land swap would allow them to move the existing alley way to the east and possibly line it up with a relocated S. Mill St. between Stanton and E. Burdick streets.
Relocating S. Mill St. to the east is part of the proposed southeast parking quadrant improvement plan.
OCDA Executive Director Michelle Bishop said the alley relocation would improve traffic circulation downtown by setting the stage to create a “straight thoroughfare” between Broadway and E. Burdick streets.
This would help alleviate some of the traffic congestion on M-24 and allow access to the southeast parking quadrant, Bishop said.
The proposed alley will begin with two lanes at Stanton St. and split into three lanes – northbound, southbound left-turn and southbound right-turn – at Broadway St. That same three lane arrangement would also be installed at the intersection of Broadway and M-24. The village needs the southwest corner of the bank’s property to construct the third lane.
Also, the proposed alley is wider than the existing alley and has a sidewalk on the eastern side, Bishop said.
If the land swap is approved by voters and a written agreement is signed with Oxford Bank, Slown said the village would probably bond the estimated $500,000 alley relocation project and repay it from the village’s municipal street fund over a 10-year period.