On Tuesday evening, Delaware City Council will consider approval of a Community Reinvestment Area (CRA) agreement that would see a tax abatement to facilitate a $850,000 investment in a historic downtown building.
In specific, SELO BELNO LLC, which owns and operates the Son of Thurman restaurant at 5 North Sandusky Street, is looking to invest that sum to being commercial leased office space to the second and third floors of that structure. Those offices would include a new home for the restaurant’s offices as well.
A Community Reinvestment Areas, also known as a “CRA,” is a program created through the Ohio Revised Code by which communities can grant tax abatement for improvements made to residential, commercial, and industrial real estate – the amount and types of investment decided locally. Some CRAs require, particularly those over a certain percentage of tax abatement, also require local school board approval.
The proposed CRA for 5 North Sandusky Street would see the schools receiving payments equaling 30% of what they would have received without the abatement. The superintendents and treasurers were actually a part of the negotiation committee that came up with a proposed 15 year, 100% abatement.
According to the CRA application, the project would see $850,000 in total project cost based on $320,000 in acquisition costs, $500,000 in renovation costs, and $30,000 in fixtures. A total of 20 full time equivalent positions would be created with a total estimated payroll of $850,000 annually.
A Google Maps Street View image of 5 North Sandusky Street is below.