Title
TO AUTHORIZE A MODIFICATION TO THE TERMS OF AN AGREEMENT FOR TAX ABATEMENT FOR PROPERTY LOCATED AT 890 SCIENCE BOULEVARD AND IS A PART OF COMMUNITY REINVESTMENT AREA #1; SAID DISTRICT LAST AMENDED BY SR-0003-2003.
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WHEREAS, property located at 890 Science Blvd. is a part of Community Reinvestment Area #1; and
WHEREAS, a tax abatement agreement for this particular site was entered into in 2005; 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 DWR Rentals for property located at 890 Science Boulevard and whose main offices are located at 850 Science Blvd., Gahanna, Ohio 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.