The Mexico City Council approved a resolution authorizing the redemption of the neighborhood improvement general obligation bonds in order to sell 96 acres at the Mid-America Brick Refractory site …
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The Mexico City Council approved a resolution authorizing the redemption of the neighborhood improvement general obligation bonds in order to sell 96 acres at the Mid-America Brick Refractory site during a meeting on Monday, Dec. 12.
The property is located at 700 Green Boulevard and has a storied history. As many citizens of Audrain County and Mexico specifically are aware, the community has had a long history of brick manufacturers. The A.P. Green Refractories plant, which once drew attention from world leaders was the backbone industry in Mexico for decades. A.P. Green Refractories merged with North American Refractories Company and Harbison-Walker in 2002. Since the acquisition and closure of A.P. Green Refractories, the ownership of the building site has changed hands many times. One of those owners was Mid-America Brick, who with the financial help of the State and City, produced face brick to be used in the construction industry. Due to the housing crash in 2008, their attempts fell short and the City of Mexico was left with unpaid NID Bonds that were issued to help get that business started.
The City's NID Bonds continued to be paid via agreements with the subsequent owner of the property, Shamrock Assets through 2018. Unfortunately, Abacus Industrial Holdings, the most recent property owner, lapsed in making its bond payment in December of 2019. The City of Mexico was then forced to foreclose on the property in an attempt to recover the remaining $1,120,000 outstanding balance of the NID Bonds. The City started accepting offers for the sale of the former A.P. Green Refractories industrial site in June, 2022. The City of Mexico entered into a purchase agreement with a company in September, 2022.
The name of the company is expected to be released once the deal in finalized next week. Mexico City Manager Bruce Slagle tells the Mexico Ledger "The City's intent is to make this site viable again for future development and to create jobs. The City plans to sell the property to a developer for reuse and to recoup the money needed to pay off the NID Bonds. We hope to close next week and then can release names, barring any delays."
The Mexico Ledger will provide the name of the company once the deal is finalized.
