ALLEN COUNTY, OH (WLIO) – It’s a first for Allen County as commissioners approve their first Community Reinvestment Area (CRA) agreement.
Property located on North Cole Street was designated as a CRA earlier this year as a tool for economic development. On Thursday, a CRA agreement was approved with Bistrozzi LLC, which intends to build a data center. The company will receive a 75-percent real property tax exemption on new construction for a period of 15 years.
“What we gain with that is capital investment on property that was taxed as agriculture now will be taxed as industrial, and so the revenue will be based upon the minimum of $500 million capital investment, a minimum of 50 full-time high-paying jobs,” said Cindy Leis, president and CEO of the Allen Economic Development Group.
Leis also noted that the resulting payroll would generate a minimum of $4 million. Commissioners said they worked with the prosecutor’s office to ensure the CRA agreement was accurate and specifically tailored for the county.
“I feel confident about this first agreement. Essentially, the percentage of abatement that is being awarded and the number of years is really very consistent with abatements that we historically have awarded,” said Allen County Commissioner Beth Seibert.
Bistrozzi LLC is currently working on land purchase agreements and utility contracts. Leis said that once everything is finalized, an official announcement regarding the data center will be made.
