Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AGREEMENT WITH MANNESCHI & BENEDETTI PROPERTIES, LLC AND CEIA USA LTD. FOR PARCEL #6 AT HUDSON CROSSING PARKWAY; AND DECLARING AN EMERGENCY.
Executive Summary: Manneschi & Benedetti Properties, LLC desires to relocate CEIA USA Ltd. from Twinsburg to Hudson and to construct an approximate 100,000 square-foot commercial / industrial corporate headquarters building on Lot #6 of Hudson Crossing Parkway in Hudson Crossing Business Park, provided the appropriate development incentives are available to support the economic viability of their project.
Body
Legislative History
None.
Purpose & Explanation
To provide real property tax abatement to support the construction of an approximate 100,000 square-foot commercial/industrial building at an approximate cost of $5,000,000. This new construction will provide office and warehouse building space for CEIA's company headquarters, allowing for the transfer of 37 full-time and 0 part-time employees from Twinsburg with an existing annual payroll of $2,900,000, as well as the hiring of 20 new full-time and 0 new part-time employees over the course of 10 years, estimated to result in an additional annual payroll of $1,400,000.
Timing Considerations
The company would like to break ground in Fall 2018, which would allow for construction completion by late Spring 2019.
Pursuant to Ohio Revised Code Section 5709.83, a copy of the Community Reinvestment Area Tax Incentive Application (Exhibit 1 of this Resolution) was timely delivered to the Board of Education Office. A copy was also timely delivered to the Clerk of Council for the City of Twinsburg, and a copy was timely received by the Ohio Development Services Agency via Certified Mail.
At its meeting on September 10, 2018, the Board of Education passed Resolution #18-09-10-07 (Exhibit 2 of this Resolution), approving the Tax Abatement and CRA Agreement, subject to the condition ...
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