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Council approves community reinvestment agreement for Lakeshore Cryotronics site with reduced expansion plan
Summary
Council approved a 12-year, 65% tax abatement on new value for Schwartz 575 LLC (Lakeshore Cryotronics) after the company revised its expansion from a $9 million, 59,000 sq. ft. addition to a two-part, smaller project that includes a $2 million, 17,000 sq. ft. addition and acquisition of a nearby property.
Westerville City Council on Feb. 4 approved a community reinvestment area (CRA) agreement with Schwartz 575 LLC, the property-holding company for Lakeshore Cryotronics, to incentivize a modified expansion of the company’s Westerville operations.
Administration staff explained that the company’s original 2023 proposal — a roughly 59,000-square-foot addition estimated at just over $9 million — has been restructured into two parts. The company still…
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