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AN ORDINANCE RATIFYING THE COMPENSATION AGREEMENT ENTERED INTO BY CA INDUSTRIAL HOLDINGS, LLC (CA), THE CITY OF GROVEPORT ("CITY') AND THE GROVEPORT MADISON SCHOOL DISTRICT (DISTRICT) AND THE DECLARATION OF AN EMERGENCY
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WHEREAS, the City Council of the City of Groveport ("Groveport"), by Resolution number 25-91 adopted on January 13, 1991, has previously established the Groveport Community Reinvestment Area #3 specified in that Resolution (the "CRA Area") as a "Community Reinvestment Area" ("CRA") pursuant to Ohio Revised Code ("R.C.") Sections 3735.65 - 3735.70 (the "CRA Act"); and,
WHEREAS, CA desires to construct commercial facilities and related improvements (the "Project") at a site within the boundaries of the City of Groveport on Hayes Road (the "CA Ventures Hayes Road Land,") provided that the appropriate economic development incentives are available to support the economic viability of the Project; and,
WHEREAS, Groveport has a utility agreement with the City of Columbus (Columbus) to serve the location of the Project within what is termed “Area C”; and,
WHEREAS, the Company and the City intend to enter into a community reinvestment area agreement granting the Company certain incentives for the development of the Project Site; and,
WHEREAS, the incentives in the proposed CRA Agreement include a fifteen (15) year, one hundred percent (100%) real property tax exemption for the assessed value of new structures constructed at the Project site following the first issuance of a Certificate of Use and Occupancy by the City of Groveport Building Code Department for the building for which the exemption is sought at the Project Site, commencing, for each separately identifiable real property improvement, the first year the real property improvement would first be taxable were that property not exempted from taxation and ending, at most, fifteen (15) years thereafter; and,
WHEREAS, pursuant to Sections 5709.78 and 5709.82(B) of the Ohio Revised C...
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