A new Community Reinvestment Area agreement between the city of Bexley and a company known as Cassady 396 LLC will enable the former Sunoco gas station at 396 N. Cassady Ave. to be converted into a yoga and fitness studio and event space.

On Sept. 5, Bexley City Council unanimously approved Ordinance 20-18, which provides Cassady 396 LLC with a 10-year, 50 percent real property tax exemption based on the assessed value of the project. Bexley Mayor Ben Kessler said the CRA agreement will apply to the new value of the property once the company makes improvements to the property.

The 2,014 square-foot property is currently valued at $200,000, according to Franklin County Auditor Clarence Mingo's website.

"The (Franklin County) auditor's going to have to appraise it" once Cassady 396 LLC makes improvements, Kessler said.

While the CRA does not specify the number of jobs that have to be created once the fitness studio opens, the company is "estimating four full-time jobs with an annual payroll of approximately $80,000," Kessler said.

In 2006, council passed Ordinance 71-06, which created the North Cassady/Delmar Drive Redevelopment District Community Reinvestment Area, which detailed the type of tax abatements the city could offer for development projects on North Cassady, Kessler said.

The CRA that council adopted Sept. 5 "is consistent with that ordinance," Kessler said.

According to the city's website, in 1993 and 1998, there were fuel leaks from the underground storage tanks at the Sunoco gas station that formerly occupied the site. The Sunoco station closed in 2006 and the underground storage tanks were removed in 2009, but the contamination was not cleaned. In 2016, Bexley received a $434,000 grant from the Ohio Development Services Agency to clean up environmental contamination and completed the cleanup in 2017.

Cassady 396 LLC has not yet announced when the fitness studio will open.