He said once the abatement expires, the taxable amount would go up to the full value of the property.
Lewis said this CRA was set up prior to 1994 and does not require state and school approval.
Sunstar purchased 15 acres of land and has plans of adding another 40,000-square-foot building in two to three years.
Lewis said Sunstar plans to move all operations to this site, including the North American headquarters and research and development facilities from Springboro to Franklin, which will increase the city’s income tax revenue. He said the company employs about 145 people in its local facilities.
At last month’s committee meeting, Councilman Michael Aldridge said the tax abatements are a tool for helping business located in Franklin to grow, especially in this difficult time.
Lewis told the committee several businesses that have been granted a CRA in the past had the opportunity to choose other cities for growth or relocation but have opted to stay in Franklin.