Most of the corporations which have received property tax breaks in the past 10 years have met or exceeded expected investments while substantially meeting employment goals, according to reports approved last week by the Logan County Tax Incentive Review Committee.
The biggest hurdle for local employers remains finding enough workers to fill open positions, Logan County Chamber of Commerce President and CEO Paul Benedetti told committee members.
A big part of the worker shortage, Benedetti said, is the lack of available housing in the community.
However, hope is on the horizon as a developer is now waiting to start Allen Woods in the city while considering other housing sites.
Benedetti and Bellefontaine Service-Safety Director James Holycross reported LeVan Investment LLC has sold the 13-acre site between Heatherhill and Greenridge drives to Two Three Developing, a Celina-based company owned by Michael Ebbing.
The property has yet to transfer, according to the Logan County Auditor’s site, but Holycross indicated the new owner is ready to start building as soon as the Bellefontaine City Council passes a resolution to use the city’s community reinvestment area tax credits for the project.
Using the CRA will allow the developers to pass along property tax breaks to buyers.
LeVan worked with the city to have the area rezoned from R-1 (single-family) to R-3-C (condominium). He also paid to develop plans for 50 or so condominiums at costs between $180,000 to $220,000, depending on interior finish options and size which will range from 1,500 to 1,900 square feet.
Benedetti said Columbus-based developers have not been interested in Bellefontaine area as there is plenty of development opportunity in the Columbus metro area and in Marysville. Turning to the manufacturing and commercial developments that have received property tax breaks, Benedetti provided a brief overview of compliance with the incentive agreements.
Only one of the agreements is not living up to expectations, Benedetti said, but he supports continuing the 2013 package with AcuSport Corp. in Bellefontaine.
The company, a wholesaler for the shooting sports, has been hit with reduced demand for firearms since the election of President Donald Trump.
Also, AcuSport invested in a state-of-the-art robotic inventory system, dramatically reducing need for new employees, Benedetti and Holycross reported.
AcuSport had said it would have 301 employees at the end of 2017. Instead, there are 171 employees. Payroll projections fell short by more than $1.5 million, coming in at slightly more than $4.8 million.
However, the company’s real property investment was $15.8 million, more than twice as much as the expected $7 million.
Benedetti said there have been reports AcuSport may be sold but it is his understanding the local operation and employees will remain.
Read complete story in Wednesday’s Examiner.
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