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Council hears second reading of CRA for FedOne building; third reading deferred
Summary
Council held the second reading of Ordinance 25-42, a proposed 15-year, 75% community reinvestment agreement for a 100,000-square-foot FedOne building at 115 Innovation Court. Council did not vote; the item will return for third reading because not enough members were present to act.
City staff presented the second reading of Ordinance 25-42 on July 14, 2025, a proposal to authorize a Community Reinvestment Area (CRA) agreement with Sawmere Sawmill Delaware Investments LLC (FedOne) for approximately 100,000 square feet of industrial space at 115 Innovation Court.
Economic development staff described the proposal as a 15-year, 75% tax abatement intended to facilitate construction of approximately 100,000 square feet on roughly 13 acres at Sawmill Parkway near the airport. Staff estimated total project costs of about $14,000,000 (land $1.3…
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