OWENSBORO, Ky. (WFIE) - The Owensboro Board of Commissioners approved a real estate purchase agreement for the acquisition of property located at 3001 Highway 54.

Commissioners say the structures on that property are dilapidated and the property is in need of redevelopment.

The City of Owensboro purchased the property from the Commonwealth of Kentucky, and will be transferring it to the development company 54 Grand LLC.

54 Grand LLC will acquire the property with plans to develop it for commercial use.

Commissioners approved a memorandum of agreement between the company and the city, which says the city will provide an incentive for the commercial development of the space.

City officials say the new use for the property will have a lot of benefits for those who live nearby.

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