TITLE
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE A COMMUNITY REINVESTMENT AGREEMENT WITH ROMANOFF GROUP TO FACILITATE REDEVELOPMENT OF AN EXISTING INDUSTRIAL BUILDING LOCATED AT 977 GAHANNA PARKWAY, PART OF COMMUNITY REINVESTMENT AREA #1
BODY
WHEREAS, the Department of Economic Development requests that this Council authorize the Mayor to enter into a Community Reinvestment Agreement (CRA) with Romanoff Group related to the redevelopment of an existing industrial building located within the City of Gahanna Community Reinvestment Area #1; and
WHEREAS, Romanoff Electric plans to invest $2.5 million to modernize the existing 977 Gahanna Parkway building to meet the company’s operational and office needs; and
WHEREAS, Romanoff Electric would, as a result of the modernization project, expand their corporate office needs in Gahanna from 403 employees to 420 employees, generating an estimated $6,362,000 in total payroll; and
WHEREAS, the proposed CRA is for a term of 15 years, with 100 percent tax abatement value; and
WHEREAS, the proposed CRA does not abate the current value of the property ($2,496,900 present value with $80,642.10 generated annually) but abates the future value of the property once it is redeveloped.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That the Mayor is authorized to execute a Community Reinvestment Agreement with Romanoff Group, primary offices located at 1288 Research Road, Gahanna, OH 43230; said agreement attached hereto as EXHIBIT A, and made a part herein.
Section 2. That this Ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature of approval by the Mayor.