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CITY c' NORTH OLMSTED %-4 Max Upton. 1pton.. ©:rector I Depa tment of Economic and Community Development A 520-0, Dover Center Road I North O rns'ed, Oh'o 44070 F 44C-715-41 ' 8 F 44: -r 77.5680 September 30. 2025 I lonorable Members of North Olmsted City Council 5200 Dover Center Goad North Olmsted. Ohio 44070 RF . City of`Norih Olmsted and Olmsted `I'ownship Joint Fconomic Development Disirict (JFDD) I lonorable Members of City Council. Over the past six months the City hay been engaged in negotiations %. ith Olmsted Townshil? regarding the creation of Joint Economic Developmetit District (JFDD). Although we briefly disct:ssed this item during the budget hearings in March. I wanted to provide you a "hCUds-up" that the administration will be coming before council in October with an ordinance authorizing the JEDD contract:. For reference, a ]FID) is a contractual agreement between a municipality and a township (or county) to promote economic development by creating a dedicated district wkhere they can collaboratively lev} an income tax on businesses and employees within the district. This generated revenue is, then shared between the contracting parties to fund infrastructure improvements. provide services. and createliolls in the surrounding area, fostering economic ;growth Im birth the communities and the region. This JEDD is concerning the Olmsted I'otiwne Center Development at the corner ofBaglcy and Stcams. The total proiccted real estate development costs of the project are currently estimated at $16.701.810.00 and would include a new Sheetz gas station, Mcl)onalds, an .Aldi grocery store. It will also include i6 residential for -sale condominium units. The residents living ~within the JEDD District would NO I be eligible for the income tax credits that North Olmsted residents currently enjoy. Lhe best projections we have now indicate that the city would receive S'13,000 of income tax revenue front the residential units. With respect to the income takes on the employees, the estimatedtotal patirolI is S4.870,250, which results in a projected income tax revenue to the cite of S24.000. The revenue projections referenced above represent 25U'o of"the Income tax revenue generated within the district. Olmsted Township would receive 75°,© of the income tax revenue. ht consideration the revenue share arrangement the City will only bear a 251") burden of the risks associated with the creation of the district and,or the ongoinu liabilities associated with the ongoing operation ofthe district. If you have any questions regarding the proposed JEDD, please feel free to reach out to my ofi ice. 4 R �ectfwli Submitted. Max �- pton I:)irector Economic and Community Development.