A Jolly Good Step for Allen County

ALLEN COUNTY, OH (WLIO) – In a splendid turn of events, Allen County commissioners have approved their very first Community Reinvestment Area (CRA) agreement.

The Development of North Cole Street

Earlier this year, the property on North Cole Street was designated as a CRA. This designation is a marvellous tool for economic development. On a fine Thursday, a CRA agreement with Bistrozzi LLC received approval. The company aims to construct a data centre there. Interestingly, they will benefit from a 75-percent exemption on real property taxes for new construction over the next 15 years. Learn about CRAs here.

Economic Benefits in Sight

“What we gain here is immense,” remarked Cindy Leis, the illustrious president and CEO of the Allen Economic Development Group. The land, previously taxed as agriculture, will now contribute industrial tax revenue. This revenue will spring from at least a $500 million capital investment. Moreover, there will be a promise of 50 full-time high-paying jobs.

Significant Payroll Impact

Leis also highlighted that the minimum payroll would generate about $4 million. Such development bodes well for the community. The commissioners collaborated with the prosecutor’s office to guarantee the agreement fit perfectly for the county.

Confidence Among Commissioners

Allen County Commissioner Beth Seibert expressed confidence in this landmark agreement. “The percentage of abatement awarded and the number of years are consistent with our historical practices,” she noted. Such continuity is reassuring for everyone involved.

Preparations and Future Announcements

Meanwhile, Bistrozzi LLC is diligently working on land purchase agreements and utility contracts. Once everything is in place, an official announcement about the data centre will be made. Read more about recent developments in Allen County.

Looking to the Future

In conclusion, this CRA agreement represents a significant stride forward for Allen County. With a promising economic outlook and investment opportunities, it’s indeed an exciting time for all parties involved.

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