The village of Groveport is looking at a way to jump start commercial growth in some of the older warehouses in the village.
"As many of the older industrial properties in the village become vacant, it becomes more difficult to market the buildings because of their age, lack of modern features, and because the property tax abatement on the property, in most cases, has expired," Groveport Development Director Jeff Green reported to Groveport Village Council at its Sept. 8 meeting. "Additionally, the state of Ohio requires some form of local incentive or local contribution when a company is negotiating for state job creation tax credits."
With that in mind, council heard the first reading of an ordinance that would allow a prospective business an annual credit of income taxes paid to the village of not more than 20 percent for a period not to exceed five years on the conditions that: no other abatement is available and state job creation tax credits are approved. Additionally, the village is planning on requiring the participating business has a minimum annual payroll of $1 million.
"It’s basically a rebate," said Green, who added the idea will help find businesses to take over older facilities that no longer have any financial incentives for development as well as making the village more competitive in attracting businesses.
Green said an example of an older facility that would be aided by the plan is the former Radio Shack warehouse located near Hamilton Road and Williams Road. He said a company is considering leasing the building.
"If negotiations are successful and the company chooses this facility, it could result in the creation of up to 150 jobs for the village at an hourly rate of approximately $11 an hour to start," said Green.
Last July Green reported that the vacancy rate in the village’s industrial parks is only 13 percent, noting at the time that the village has 16 million square feet under roof in the industrial parks leaving only around two million square feet vacant.
