TITLE
AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA AGREEMENT WITH EASTGATE FLEX LLC FOR THE CONSTRUCTION OF FLEX COMMERCIAL OFFICE/INDUSTRIAL SPACE ON PARCEL NO. 025-006522-00, PART OF COMMUNITY REINVESTMENT AREA NO. 1.
BODY
WHEREAS, Eastgate Flex LLC, a venture of LTK Realty LLC, proposes the construction of approximately 36,000 square feet of flex office/industrial space on Parcel No. 025-006522-00 on Eastgate Parkway (the “Project”); and
WHEREAS, the Project consists of three identical buildings designed to create a cohesive campus environment, with each building containing up to eight tenant spaces of approximately 1,500 square feet; and
WHEREAS, the proposed development will provide flexible, modular spaces suitable for small-scale office, retail, service, industrial, and similar uses, providing opportunities for entrepreneurs to establish businesses and for existing businesses to expand within the City of Gahanna; and
WHEREAS, the Project is consistent with the City's Economic Development Strategy and addresses demonstrated local market demand for flexible commercial and industrial space within the community; and
WHEREAS, the applicant has committed to creating and maintaining a minimum of fifteen (15) new jobs in Gahanna with a minimum annual payroll of Seven Hundred Fifty-Six Thousand Six Hundred Dollars ($756,600), to be achieved within three (3) years after verification of completion of construction, with such employment and payroll measured in the aggregate for the Company and all tenants at the Project Site; and
WHEREAS, the applicant has committed to making improvements to the Project Site totaling not less than Three Million Six Hundred Twelve Thousand Dollars ($3,612,000) in construction costs; and
WHEREAS, the Department of Economic Development evaluated the application using the City's standard tax incentive evaluation criteria and determined that the Project will generate an estimated economic ou...
Click here for full text