Marble Cliff Village Council held its first reading Oct. 21 of an ordinance to authorize the mayor to execute an economic inventive agreement with Connect Realty/Mid-Ohio Contracting Services Inc.
Brad DeHays, the company's owner, has purchased the former Custom Coach property at 1400 Dublin Road and 2299 Cardigan Ave. and will move his businesses into the front building on Dublin Road.
Other businesses, including a high-end valet service and a food commissary operation, also have signed leases to move into the building.
The commissary business will operate a test kitchen for its food trucks and a microbrewery.
Rock Solid Academy, a cheerleading and gymnastics school, already has opened for business in the rear building at 2299 Cardigan Ave.
The proposed agreement would give Connect/Mid-Ohio an 18 percent reduction in the annual income tax it pays for five years.
The terms are similar to what the village offered in previous tax abatement agreements, Mayor Kent Studebaker said.
The abatement has a cap of $10,000 per year.
The village also will provide a $40,000 forgivable loan that will be used solely to pay for new signs to be placed at 1400 Dublin Road.
Other adjacent businesses, including Rife's Auto Body, will have the opportunity to be included on the sign along with the companies at the Custom Coach site, Studebaker said.
The loan will be granted in full at the beginning of the agreement and the companies will repay it with an annual portion of their income tax payments remaining after the yearly 18 percent tax incentive.
If after five years there was not sufficient payroll tax money to repay the loan, the company will be required to repay the outstanding loan, Studebaker said.
The mayor toured the site and said of Rock Solid Academy, "you wouldn't know that building had its previous function."
The front building's condition "is worse than you would believe," Studebaker said.
The tax incentive will help DeHays with the cost of upgrading the property for his companies and the other businesses' use, he said.