Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with HUB Investment I LLC (and, referred to as the “Enterprise"). The Ohio Enterprise Zone Law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreement between the City and qualifying companies.
The Enterprise is affiliated with Neyer Properties, Inc. (“Neyer Properties”) and is representative of both Neyer Properties and Interstate Battery System of America, Inc. (“Interstate Batteries”).
Neyer Properties is a family company that focuses on transforming the commercial real estate landscape of communities with a dedication to building real estate value. Established in 1995, Neyer Properties has developed more than 3,500 acres of land throughout Ohio, Kentucky, and Indiana totaling over $2 billion in value. Neyer Properties provides commercial real estate solutions in development, redevelopment, asset management, leasing, design, acquisitions, investment, finance, and sustainability.
Founded in 1952, Interstate Batteries has been the technicians’ choice for nine years and counting. The company began when John Searcy started shipping batteries to accounts in Texas, Louisiana, and Mississippi. Now, Interstate Batteries is powered by a distributor network of 300 wholesale warehouses with 150,000 dealers around the world. Interstate Batteries currently has 200 “All Battery Center” franchise stores.
HUB Investment I LLC is proposing to invest a total project cost of approximately $14,000,000.00 in real property improvements to construct a 151,250 square-foot build-to-suit Class A warehousing and distribution facility for Interstate Batteries, one of three eventual buildings in the development. This facility will become a regional fulfillment center for retailers of Interstate Batteries. Additionally, the Enterprise is proposing to create ei...
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