He said the next goal was to obtain road easements and close the deal.
In May, Core 5 received the approval of the Lebanon Board of Education and the commissioners for a Community Reinvestment Act tax abatement 10 years, 50% real property tax abatement. The CRA application indicated that the owners estimate of creating in multiple phases cumulatively, 1,200 full-time equivalent employee positions with an aggregate annual payroll of $45 million with zero part-time or temporary jobs when the project is completed. The hiring of employees is expected to begin September 2022 and continue incrementally over the following eight years of 100 to 200 jobs each year.
The CRA agreement also provides certain benchmarks based on the project’s valuation, payroll and square footage to be reached that would increase the CRA property tax abatement to 15 years at 75% as the project continues to grow.
In late March, the Warren County Port Authority purchased the former prison farm land for $10.3 million and is selling the land to the developer. The land was rezoned in 2020 and Turtlecreek Twp. officials told Warren County commissioners that the land was one of two economic development corridors the township hopes is developed to help offset the costs of growth otherwise shouldered by its nearly 15,000 residents and other property owners.
The site is already part of a busy logistics, entertainment and retail corridor off of the Interstate 75/Ohio 63 interchange, that includes Park North.