By Chris OrletRecord Managing EditorThe Warrenton Board of Aldermen approved an ordinance Monday that will give the city ownership of 30 acres of land near Rebecca Boone Elementary School in Truesdale.The property had been owned by the Warrenton Industrial Development Authority (IDA), a six-member body appointed by the mayor with approval from the Warrenton Board of Aldermen. The IDA’s primary purpose is to develop commercial, industrial, agricultural, and manufacturing facilities.But according to Mayor Jerry Dyer, the IDA is broke.In fact, the city has been making annual principal and interest payments of $65,000 on the property for the past four years. Dyer said the balance owed on the property is $424,000.An audit of the city last year suggested that the city take over ownership of the property.“The auditor asked why the city is making payments on property it doesn’t own,” said Director of Operations Terri Thorn.In January 2006, the IDA borrowed $908,613 from The Missouri Bank 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 property was referenced in last year’s state audit of the city of Warrenton. According to the report, 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.According to the audit, at the completion of the lease the city would have paid $717,000 plus interest to the IDA.Dyer said the city had no desire to give the property back to (The Missouri Bank) and hopes to find a use for it. So far the city has not utilized the property and has no documented plans for its future use.“Maybe we’ll sell it, maybe we’ll build a spec building on it and see if we can generate some interest that way,” he said.Dyer said the city has had little interest in the property from potential developers.“Probably because there is a school next door to it and manufacturers don’t want to build next to a school,” he said.Dyer said the city would take over ownership without dissolving the IDA entirely.“Down the road we may want to utilize them,” he said.City takes ownership of industrial park property