GPG is currently securing all necessary building permits and preparing for site work, with construction expected to begin within 30 days, Downing said. The first phase is expected to be completed by December this year.
Construction of the first phase of the 200,000-square-foot building will cost around $17.5 million, Downing said, adding that cost could end up being higher depending on any potential additions or upgrades requested by a tenant. potential.
The Town of Trotwood has also approved a Community Reinvestment Area (CRA) Tax Abatement Agreement with GPG, which allows exemption from property taxes on property improvements.
Downing said the 100% tax abatement over 15 years supports the developer, given rising costs and labor, and helps the city stay competitive when it comes to attract new developments.
“This will be offset by income taxes, both construction costs and also the new jobs that will be located there, as well as the less definable economic impact of having employees shop and eat in our community and hopefully choose to live here, too,” he said.
As part of the CRA agreement, GPG entered into a compensation agreement with the Trotwood-Madison School District, the Miami Valley Career Technology Center (CTC), and the City of Trotwood.
Any reduction of 51% or more requires approval from local school districts, in accordance with Ohio’s revised code. Trotwood-Madison and Miami Valley CTC voted to approve the cuts and in exchange, GPG agreed to compensate districts by allocating five student internships each year, four for Trotwood-Madison school district students and one for a Trotwood student. -Madison attending Miami Valley CTC, per the deal.
As part of the project, a currently unfinished section of the Five Rivers Metropark bike path that crosses the site will be rerouted and upgraded.
“Because he’s cutting two of the main plots they need in half, (GPG), at their expense – which is a generous offer from them – will re-route the bike path just to the perimeter of their property to the south “, says Downing. “The good news is that we’re not going to lose this gear to the community or have to redirect it in any meaningful way.”
This section of the trail will then be donated to the city and Five Rivers Metroparks via an easement for ongoing upkeep and upkeep.
“This development will attract investment and create gainful employment for the community,” said Trotwood City Manager Quincy Pope Sr. “It definitely puts this community at a comparative and competitive advantage in the region.”
Mayor Mary McDonald said Trotwood is “experiencing a renaissance” with new developments.
“We are responding to challenges that the Northwest Corridor has needed for some time with this project,” she said. “Our community has the opportunity to participate in meeting logistics needs, while creating the opportunity to compete for job growth and success for our citizens and those in surrounding areas.”