City Council will decide a resolution on Wednesday that would provide the developer, 850 Associates LLC, with a 10-year, 75% abatement of real property tax liability. The brewing company, which will be the tenant of the building, anticipates creating six full-time and 25 part-time jobs within three years of opening with an annual payroll of $925,000, according to the city.
The total project is estimated to cost about $4 million. However, only the building is taxable for this exemption. If the building valuation reaches $1.5 million, the developer could expect a property tax abatement valued at $244,120 over the next decade, according to the city.
Hamilton Economic Development Director Jody Gunderson said ”that building was on the verge” of demolition.
“To have a developer come along and take on this project was extremely gratifying,” he said.
The owners told the Journal-News in July they want to open “as soon as possible” as they’re running out of space at their location in northern Hamilton County.
“For us, there’s a lot of demand, and we don’t have a lot of supply, so as soon as we can get up and start producing in a larger production facility, the better it is for us,” co-owner Tom Collins said in July.
Gunderson said this building, once redeveloped, “will give them the opportunity to have the space to do that.”
City Council could also give the developer and brewing company more space by vacating a portion of Safe Avenue in front of the former Pepsi plant. Legislation will be presented to the board for two readings before a potential vote on Sept. 28. Hamilton Planning Commission approved vacating the property last month with several conditions.
The property is slightly larger than 4,600 square feet.
The future home of Third Eye Brewing Company in Hamilton is the only property that abuts the right-of-way in question.
Among the conditions for approval include the city retaining an easement for pedestrian and utility access. There is a 4-inch water main running through the portion of the land.
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