Land in trust sold

CELINA - The fiduciary of the Bryson Trust Fund that finances city park capital projects has sold its land holdings for nearly $3 million, a move welcomed by Celina Mayor Jeff Hazel.

First Financial Bank of Cincinnati recently sold 315 acres of farmland in Auglaize and Mercer counties for $2.9 million to an entity listed as 3644 LLC, according to county records and the Mercer County Auditor's Office.

"As the court-appointed fiduciary of the Bryson Trust, First Financial converted all of the Trust's real estate holdings into liquid assets to ensure long-term support for the park spaces and public swimming pool in Celina, which benefit community residents," said an email from Tim Condron, corporate communications director of First Financial Bank.

Hazel offered a similar assessment of the land sales when contacted this week.

"From a city standpoint, we're certainly pleased that the trust has been able to sell the land at market value so that it can continue investment into the trust for longtime sustainability," he said. "I think that was the right thing to do for that trust."

Asked about the trust fund's balance, Condron replied the next financial report and updated balance will be filed with Mercer County Probate Court by the end of August. In September 2018, the trust was valued at about $10 million, according to a local attorney who had worked with Celina First Financial Bank officers representing the Bryson Trust.

The land in question previously had been leased out for farming and proceeds were returned to the trust. The two tracts of land in Mercer County were sold to 3644 LLC of Winchester, Indiana, in care of Halderman Farm Management Services, county documents show.

First Financial, on behalf of the Bryson Trust Fund, sold a 180-tract of land at 8735 Mercer Auglaize County Line Road and a 40-acre tract of land at 0 Mercer Auglaize County Line Road, together for $2,095,300 to 3644 LLC, according to the Mercer County Auditor's Office. That comes out to $9,524 per acre.

The 180-acre tract of land has a market value of $1.57 million based on a 2020 valuation summary, county documents show. The 40-acre tract of land has a market value of $351,720 based on a 2020 valuation summary. When combined, the market value per acre is $8,735.

First Financial, on behalf of the Bryson Trust Fund, also sold a 95-acre tract of land at 17632 Mercer Line Road in Auglaize County for $904,760 to 3644 LLC in care of Halderman Farm Management, county documents show. That comes out to $9,523.78 per acre.

The 95-acre tract of land has a market value of $443,090, county documents show. That comes out to $4,664 per acre. The document did not indicate in what year the appraisal was made.

"Two independent appraisals of the property supported the purchase price," Condron said. "The sale was also approved by a judge and a master commissioner with the Mercer County Probate Court. All proceeds benefitted the Trust."

Condron did not respond to questions about how the land was sold, such as through a public auction, or details about 3644 LLC.

The Bryson Trust Fund has for decades financed millions of dollars in projects such as the Bryson Pool, shelter houses, park restrooms and other recreational improvements.

City officials in 2015 borrowed $2.64 million to help buy the former Versa Pak and Mercelina Mobile Home Court along Lake Shore Drive. The price was $2.2 million for the Mercelina land and $745,000 for the former Versa Pak property. The city has since converted the 8 acres into the Bryson Park District. Today the park district boasts the state-of-the-art Harley C. Jones Memorial Rotary Amphitheater, a 2,827-square-foot splash pad and an array of new playground equipment, paid for with donations, grants and the other sources.

The city contributed $300,000 toward the acquisition of the land and borrowed on behalf of the Bryson Trust Fund to finalize the deal. The trust officers committed to paying for 90% of the purchase and are responsible for the entire principal, interest and other fees associated with the note.

Bryson Trust Fund officers review city leaders' funding requests and the Mercer County Probate Court has final say.

Prominent city attorney Ed Bryson, upon his death on Jan. 11, 1950, left part of his estate to what was then the Commercial Bank of Celina "for the use and benefit of the public playgrounds in Mercelina Park, Celina, Ohio, or to assist in the construction of a public swimming pool by said city."

Through court approval, the intent of Bryson's charity was expanded to include all city recreational facilities.