Dublin City Council members voted 7-0 on Aug. 10 to approve a land-transfer agreement with a real-estate developer that could create a development opportunity on a little more than 9 acres owned by the city on state Route 161.
The land-transfer is between the city and VanTrust Real Estate.
The city will give VanTrust a 9.338-acre parcel on the south side of Route 161, east of Houchard Road.
VanTrust will give Dublin a 16.594-acre parcel east of Parkwood Place and north of Rings and Woerner Temple roads.
The site is south of the UnitedHealthcare offices at 5900 Parkwood Place.
The VanTrust property, known as the Tuttle Emerald site, is valued at a little less than $1.7 million, and the city’s site, known as Crosby Court, is valued at $933,800.
When there is an immediate development opportunity for the Tuttle Emerald site, the city will issue a “development fee” payment of $725,600 to the developer, equal to the difference in total value between the Tuttle Emerald and Crosby Court sites.
Andy Weeks, VanTrust executive vice president, said the company has owned the Tuttle Emerald site for a few years. During the meeting he thanked the city for providing a “win-win” solution.
Weeks said he could not share additional details because of the confidential nature of negotiations.
Council members also voted 7-0 to approve two incentive-package agreements.
The first is a one-time retention and expansion grant of $175,000 to assist Quantum Health with the expansion of its corporate headquarters in Dublin.
Quantum Health’s corporate headquarters are at 5240 Blazer Parkway. The grant is contingent upon the company purchasing and occupying a minimum 50,000-square-foot building in Dublin by Dec. 31 or executing a minimum 10-year lease for a similarly sized facility.
Under the incentive agreement, Quantum Health will commit to add approximately 300 jobs in Dublin by the end of 2023, for a total of 1,450 jobs by 2025. The city expects to net approximately $3,973,190 between 2020 and 2029 for this phase of the project.
The second incentive-package agreement was approved for Air Force One Inc., to retain its headquarters and business operations in Dublin.
The company is at 5810 Shier Rings Road and is leasing a portion of the city’s former development building at 5800 Shier Rings Road, but it requires additional space.
If Air Force One purchases and occupies 5800 Shier Rings Road, the economic-development agreement approved is a four-year, 12% performance incentive on income-tax witholdings collected from 2020 through 2023 and capped at $73,000 for the term of the agreement.
The project will result in the retention of 107 jobs and the creation of 17 jobs. The city expects to net approximately $391,000 in income tax over the term of the agreement.
The city has paid companies incentives in agreements such as this from nontax revenue – licenses, fines, building permits and services provided to outside agencies, such as the Northwest Regional Emergency Communications Center.
Colleen Gilger, Dublin’s economic-development director, previously has said all such incentives must come from nontax revenues, per state law.