The city expects to borrow $4.4 million to buy the former Kmart property.

NORTH CANTON City Council Monday approved borrowing $4.4. million to purchase 27 acres of land at the site of the former Kmart at North Main Street and Applegrove Street NW.

The purchase is part of an economic development project that is expected to bring at least 200 jobs to the city.

North Canton wants to control the future of the site, said Councilman Daryl Revoldt, at-large, during a special council meeting Monday.

North Canton Council currently is meeting virtually. Meetings are live streamed on the city’s YouTube channel.

The purchase would include the 9.48-acre Kmart property and two neighboring parcels on the the west and north sides, Revoldt said.

The Kmart site includes a still operating Burger King.

Kmart closed in February. Soon after, both North Canton and a developer bid on the 9.48-acre Kmart property, which is owned by Seritage.

The city was approached by a non-retail business looking to bring jobs to the city.

Failed plans

The developer, who planned to build a retail plaza on the site, outbid the city. They planned to pay about $3.5 million for the property.

That development fell through.

The city’s purchase of two additional parcels surrounding the Kmart site justifies the additional $1 million investment, said councilman Matthew Stroia, at-large.

The city has not disclosed the name of the business entity.

In a meeting last week, city officials said the entity wanted to develop a corporate headquarters or campus on the site.

The city’s Community Improvement Corporation is expected to pass companion legislation this week.

The city is pursing its due diligence on the project and will release more information in the days and weeks ahead, said City Administrator Patrick DeOrio.

Council members Monday praised the project.

"The safe thing to do is nothing," Revoldt said.

The city has only been this bold a few times, and has never put this much work into securing a project, he said.

OTHER BUSINESS

Adopted legislation allowing some homeowners to complete concrete work at their home without first securing a permit.Adopted a lease extension agreement for a water tower with Cingular Wireless. The city earns about $23,000 annually from the agreement. The agreement includes extensions in 5-year increments.In a committee meeting, introduced legislation to participate in the Community Development Block Grant program.Introduced legislation to overhaul the city’s rules regarding fences. The legislation is by request of the city’s planning commission. A public hearing on the topic is set for Monday, June 1.Tabled a discussion on a proposed Community Reinvestment Area program.

UP NEXT: Virtual meeting 7 p.m. Monday.

Reach Jessica at 330-580-8322 or jessica.holbrook@cantonrep.com On Twitter: @jholbrookREP.