Public to weigh in Monday on Ravenna's proposed infrastructure financing deal for LG Chem
Ravenna City Council will hold a public hearing Monday to consider Tax Increment Financing for improvements related to LG Chem's development in Ravenna.
The meeting will take place at 6 p.m. Monday at Ravenna City Council Chambers, 210 Park Way, and also will be live streamed on council's YouTube page.
Economic Development Director Dennis West previously told council the TIF would divert property tax dollars from the project, except for those earmarked for schools, to the city in order to offset the cost of the road built to serve the factories and water and sewer lines extended to the property.
LG Chem, which is building in the Chestnut Commerce Center behind the former GE plant, previously obtained a 15-year tax abatement to fund two buildings on the site: a 148,400-square-foot "ABS compounding" building, and a 60,350-square-foot "ABS Technical Center."
The business plans to invest more than $107 million and hire at least 72 employees, with a total payroll of $4.7 million. The company now plans to open in February.
The TIF would begin in Year 16, after the tax abatement ends, and continue for another 15 years. It's not clear how much funding the TIF would bring in because the property hasn't been appraised yet.
The city also is working with Ohio Edison to extend electrical service to the new buildings.
Reporter Diane Smith can be reached at 330-298-1139 or dsmith@recordpub.com.
This article originally appeared on Record-Courier: Ravenna to get public input on LG Chem infrastructure financing plan
