Peter Cremer NA to allow the oleochemical supplier to construct a $4 million, 40,000-square-foot LEED certified office and warehouse facility in Sedamsville.
The City will sell 8.9 acres between River Road and Southside Avenue to the company for the fair market value of $322,319, as determined by a professional appraisal. The agreement also gives the company a two-year option to purchase an adjoining 1.04-acre parcel.
A public access road connecting the building site and the remaining 12 acres of City-owned property at the former Conrail transfer site should be completed by December, opening up the entire property for redevelopment. The City applied for a $200,000 state grant to build the road last month.
Peter Cremer NA operates a processing, storage, and distribution facility at 3117 Southside Avenue and anticipates creating 50 new jobs and retaining 123 jobs at the site.
The City approved a 15-year Community Reinvestment Area LEED tax exemption for the project in January. And in October 2012, the Ohio Tax Credit Authority approved a six-year job creation tax credit for the project, saving the company 40 percent on income tax payments from the new jobs created.
Previous reading on BC:
City applies for $200K road grant for Sedamsville development (4/29/13)
Planning Commission Friday: Music Hall, Olive Garden, streetcar (2/14/13)
Peter Cremer NA receives LEED tax exemption for Sedamsville plant (1/29/13)
City approves rezoning for The Yards (7/17/07)
Riverside/Sedamsville: The Yards (5/15/07)