Title
TO AUTHORIZE A MODIFICATION TO THE TERMS OF AN AGREEMENT FOR TAX ABATEMENT FOR PROPERTY LOCATED AT 1020 CLAYCRAFT ROAD AND IS A PART OF COMMUNITY REINVESTMENT AREA #1; SAID AGREEMENT AUTHORIZED BY SR-0003-2001 AND SAID DISTRICT LAST AMENDED BY SR-0003-2003.
Drafter
dj/ils
Body
WHEREAS, property located at 1020 Claycraft Road is a part of Community Reinvestment Area #1; and
WHEREAS, 960 - 1020 Claycraft Rd., LLC, is the property owner of record on the Franklin County Auditor's website; and
WHEREAS, a tax abatement agreement for this particular site was entered into in 2002 with L&P Properties; and
WHEREAS, it is the recommendation of the Tax Incentive Review Council that the previous CRA Agreement be modified for the remainder of the original abatement period; and
WHEREAS, on May 24, 2010 the Gahanna TIRC Board voted to recommend a reduction to 50% for the current property tax abatement;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the tax abatement agreement with L&P Properties for property located at 1020 Claycraft Road, and whose main offices are located at 940 Science Blvd., is hereby modified as set forth in EXHIBIT A attached hereto and made a part herein.
Section 2. That pursuant to MR-0052-2000 the Director of Development is authorized as Housing Officer to sign this agreement.
Section 3. That this ordinance shall be in full force and effect upon passage by Council and 30 days after date of signature of approval by the Mayor.