The Russells Point Village Council approved a new ordinance Monday night, granting a Community Reinvestment Area agreement and tax abatement for a planned mixed-use development at the future Lulu’s property on East Main Street.
Council approved Ordinance 26-1276, which gives Musil Investments LLC a 75-percent property tax abatement for 15 years to support construction of a new two-story commercial building at 134 East Main Street.
The project will feature a restaurant on the first floor and a co-working space on the second floor.
Plans also include outdoor seating and a community green space designed to host public events and gatherings.
Under the agreement, the developer must meet several community-focused conditions to maintain the tax incentive.
Those requirements include hosting community events in the green space, creating a 501(c)(3) nonprofit organization to support the Indian Lake region, and providing free conference room access to other nonprofit organizations.
Village officials said the project will be reviewed annually to ensure compliance with the agreement.
If the developer fails to meet the outlined conditions, the village can notify the property owner, allow for appeals, and ultimately vote to terminate the tax abatement if necessary.
The ordinance also states that if Ohio changes or replaces its property tax structure in the future, the agreement could be adjusted with proper approvals.
Deanna Roe, Village Administrator, talks more about the project:
See the entire CRA Agreement HERE.
In other business, council approved parking lot maintenance work at the municipal building.
Officials also reported progress on the village splash pad project, with concrete scheduled to be poured Tuesday.
Council members also discussed updating the village ordinance involving utility task vehicles and side-by-side vehicles.
Additional discussion is expected during the next council meeting on Monday, June 1 at 7 p.m.
Council is also expected to discuss possible tuition reimbursement for village employees and consider a resolution opposing an upcoming kilowatt-hour rate increase from AES Ohio.
To close out the meeting, Councilman Greg Iiams donated new rollers for the village flagpole along with a new American flag.
Village officials say the Lulu’s development is intended to encourage economic growth while also creating a space that gives back to the community through nonprofit support and public involvement.
