By Chris OrletRecord Managing EditorThe Warrenton Board of Aldermen voted unanimously Tuesday to approve the transfer of ownership of 30 acres of land near Rebecca Boone Elementary School from the Industrial Development Authority to the city of Warrenton.The property, which was originally intended to be developed as an industrial park, was referenced in a recent state audit of the city of Warrenton. According to the audit, the city’s board of aldermen did not ensure the development of the industrial park was adequately planned prior to signing a ‘lease” document with the IDA.“This cleans up the image,” said Warrenton Mayor Jerry Dyer.In January 2006, the IDA borrowed $908,600 to purchase 30 acres in Truesdale for industrial development. To assist the IDA with securing the loan, the city signed a 15-year “lease” agreement with the IDA.After the purchase the IDA determined it was too costly to develop the property and the project was abandoned. The city has not utilized the property and has no documented plans for its future use.However, the city has been making lease payments to the IDA so the loan payments can be made. According to the audit, between January 2010 and June 2012, the city has paid approximately $172,000 from the general fund for the lease of the property. At the completion of the “lease” the city would have paid $717,000 plus interest to the IDA.“The IDA has no money and would love to turn ownership of the property over to the city,” said Dyer.Dyer said the city would take over ownership without dissolving the IDA. He said he would prefer not to dissolve the IDA entirely. “Down the road we may want to utilize them,” he said.City Attorney Chris Graville said the city would not renegotiate the loan. “The loan is pretty low now,” he said.He said before the change in ownership is completed the city and the IDA will have to cancel the lease and there will have to be an agreement with the bank.Board votes to transfer acreage from IDA to City