Bowling Green City Schools will be collecting nearly $85,000 annually from a company expansion.
At Tuesday’s board of education meeting, members approved an agreement with Ohio Logistics Ltd. to be paid $83,322 annually on April 1 of each year for 10 years.
The payment is part of an incentive package offered by the city that included a tax abatement. The school district will receive the payment in lieu of taxes.
In May, Bowling Green Council passed a resolution providing Ohio Logistics Ltd. with incentives for project development in Bowling Green Community Reinvestment Area Number 6.
The company is currently operating out of a 200,000-square-foot warehouse on Industrial Drive in the Wood Bridge Business Park.
According to a legislative package document prepared for council, the firm is seeking an agreement within CRA 6 to construct two buildings. One building is projected to be over 101,000 square feet, divided between manufacturing and warehousing, and a second future building is projected to be over 78,000 square feet.
The city plans to offer a tax abatement on the new construction at 100% for a 10-year period, which, the document stated, is consistent with previous agreements approved for Kroger, Fairfield Inn and a warehouse project in Wood Bridge Business Park.
Superintendent Francis Scruci said he and Treasurer Cathy Schuller negotiated a payment that would be very similar to what would have been paid in taxes.
“It is a benefit to business, but it also benefits the district and allows us to protect dollars (that should come) into the district,” Scruci said.
Penta Career Center also is negotiating an agreement.