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Council approves 15‑year CRA tax exemption for 600 Seasons Business Center project
Summary
Council adopted a Community Reinvestment Area agreement for a proposed 250,000‑square‑foot industrial building at Seasons and Allen Road that commits the developer to job and payroll targets and requests a 15‑year, 100% real‑property tax exemption.
The Stowe City Council on April 24 approved a Community Reinvestment Area (CRA) agreement with 600 Seasons Business Center LLC to support construction of a new 250,000‑square‑foot industrial building at the corner of Seasons and Allen Road.
Planning and economic development staff reported the project is expected to generate a minimum of 60 new jobs and about $2 million in payroll by the end of the third year; the developer requested a 100% real‑property tax exemption for 15 years. City staff recorded an estimated real‑property investment of $16.5 million for the project.
Developer representative Mike Murrell, identified on the record as affiliated with the project, described a history of similar buildings and defended the value of the project to the city. "This is the eighth building that we've constructed... Northeast Ohio remains a very scarce industrial market," Murrell said on the record, adding that the company made $430,000 in payments in lieu of taxes earlier in the year for prior buildings.
Council adopted Resolution 20‑25‑108 authorizing the CRA agreement and the associated school compensation provision; the record states the school district would still receive 50% of the payment allocated to schools under the exemption, estimated at about $140,000 annually.
Economic Development staff will execute the CRA agreement and submit required filings; the agreement includes performance commitments tied to jobs and payroll.
