RELATED: 2015 record year for business investment in Warren County
IDI Gazeley is expected to spend $33 million in construction of what would be the fourth building in the industrial park off Ohio 63, east of the Interstate 75 interchange.
“IDI has been a great partner,” said Martin Russell, executive director of the port authority.
The port authority, an independent entity formed by the Warren County Board of Commissioners to encourage economic development, would lease the 51.2 acres beneath the building site from IDI and lease IDI the building, avoiding sales tax on construction that would otherwise be collected by the county and state.
The authority has forged more than dozen similar deals, including for a new Lebanon Citizens National Bank administrative center and the Miami Valley Gaming racino.
In this case, IDI would pay the port authority $140,000 in fees and lease payments, plus the law firm Bricker & Eckler $30,000 for its work. The board is to approve 90 pages of lease documents at its upcoming meeting.
The agreements also enable companies leasing space in the building to save on the sales tax on improvements, with 15 percent of savings going to the port authority, plus legal fees.
In 2015, a manufacturing arm of Serta Simmons Bedding revealed plans to relocate from space it outgrew in Forest Park to the growing Park North at Monroe business park, an investment topping $1 million for tenant finishes, according to records provided by Warren County.
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