TITLE
AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA AGREEMENT WITH VELOCIS GAHANNA JV, LP TO FACILITATE THE CONSTRUCTION OF AN INDUSTRIAL BUILDING ON PARCELS 027-000110-00 AND 025-13634-00 ON TECH CENTER DRIVE, PART OF COMMUNITY REINVESTMENT AREA #3; AND DECLARING AN EMERGENCY
BODY
WHEREAS, the City of Gahanna has established Community Reinvestment Area #3 to encourage investment and job creation through tax abatements on real property improvements; and
WHEREAS, Velocis Gahanna JV, LP, a local property developer, has proposed to construct a speculative industrial building totaling approximately 140,916 square feet on approximately 10 acres of undeveloped land located at the northwest corner of the intersection of Science Drive and Tech Center Drive, designated as Franklin County Auditor Parcel Numbers 027-000110-00 and 025-13634-00; and
WHEREAS, the proposed building will consist of flexible industrial space divisible into spaces accommodating warehousing and/or light industrial uses, with occupancy capacity for up to three tenants, each occupying between 30,000 to 70,000 square feet; and
WHEREAS, Velocis Gahanna JV, LP has projected the creation of no fewer than 37 new on-site jobs within seven years of project completion, with a projected total payroll of $2,060,470 and an average salary of $55,688 annually; and
WHEREAS, the Department of Economic Development recommends entering into a Community Reinvestment Area Agreement with Velocis Gahanna JV, LP, including a real property tax abatement of 80% for a term of 12 years, on the increased value of improvements resulting from the project; and
WHEREAS, the proposed agreement would support approximately $310,056 in annual tax savings for the company, while still generating approximately $466,000 in net new income taxes for the City of Gahanna over the incentive period; and
WHEREAS, no other City incentives have been requested or offered in conjunction with this project; and
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