Jerome Township will pay the Schottenstein Real Estate Group $40,000 as part of a public-private partnership to create a local Innovation District.
Following an executive session during a recent special meeting, trustees voted 2-1 to approve a development agreement that details the payments.
While members of the board have repeatedly supported the Jerome Township Innovation District, trustees shared differing perspectives surrounding the township’s financial contribution.
Trustee Chair Megan Sloat, who dissented, said initial discussions surrounding the partnership did not include any mention of a potential reimbursement by the township.
The trustees announced a public-private partnership with the Schottenstein Real Estate Group to develop a pre-zoned, master planned business park during a March 30 meeting.
Sloat said the development agreement was “unexpectedly received approximately two weeks ago.” She said she feels it should have been presented to trustees earlier in the process.
“The trustees would have had an opportunity at that time to discuss and evaluate the document and make any decisions up front and on public record,” Sloat wrote in a statement to the Journal-Tribune.
According to the development agreement, Schottenstein Real Estate Group has made an “upfront investment” of at least $120,000 toward preparations for the Innovation District.
The cost includes payments to civil and traffic engineers and legal counsel for economic development studies, researching utility feasibility and planning infrastructure improvements.
As part of the development agreement, the township will pay $15,000 for “planning analysis, reports for sewer and water services;” $15,000 toward the cost of “municipal bond counsel;” and $10,000 for “land planning and traffic consultants.”
Trustee Joe Craft, who voted in favor of the agreement, noted Thursday that the township’s partners “have been fronting and contributing significant amounts of time, money and resources” toward the Innovation District.
He said he feels it is appropriate that the township pays into these efforts.
“The development agreement passed by the board on Tuesday night is a small cost that ensures the township is contributing to its fair share in this partnership,” Craft wrote in a statement to the Journal-Tribune.
Despite the split vote, both Craft and Sloat emphasized the benefits of the Innovation District.
“The pre-zoned, master planned business park is an important opportunity for Jerome Township to be proactive in setting itself up for long-term progress and success by generating increased tax revenue which can be used to improve public services and infrastructure,” Sloat wrote.
Trustees and their partners have previously presented four goals of the Innovation District.
They include: providing infrastructure and roadway improvements, ensuring the township controls its own borders, preserving the rural character of the township by facilitating commercial growth in a specific area and generating commercial tax revenue to improve services.
Craft emphasized that the district and related partnerships are an effort by the township to control its own destiny.
“The public-private partnership is part of a larger cooperative effort by the Board of Trustees, who have prioritized assertive actions and paths, that allows the township to determine its future,” Craft wrote.
Sloat said the zoning amendment for the Innovation Planned Development District is currently moving through the zoning commission’s public hearing process.
Craft said he is hopeful it will be approved and will ultimately allow the township to make its goals “become a reality.”