The 60,000-square-foot Symmetry II office/warehouse building at Innovation Park will be ready for small manufacturers and research and development companies to begin leasing spaces later this year.
“Symmetry II allows us to fulfill the needs of small and growing boutique manufacturers and research and development-based companies,” said Sean Hughes, economic development director for the city of Delaware. “This is oftentimes the first step for a company as it grows to the point where we need to build its own building.”
The Symmetry II building, 105 Innovation Court, is being constructed by Fed One of Plain City for the Symmetry II, LLC Co. on 7.165 acres.
The building will have direct access to the new Sawmill Parkway extension, which will be complete by November 2016. This road infrastructure allows for easier access to U.S. 42, U.S. 23, U.S. 33 and Interstate 71. The site will already have utilities including fiber.
The facility would be similar in form and function with the Symmetry I building on the northeast corner of U.S. 42 and London Road. The new facility would be divided into 10 units with storefronts with the parking lot fronting Sawmill Parkway, while the loading docks would located in the rear of the building with two access curb cuts from Innovation Court.
City Council approved an incentive package Monday night for the Symmetry II company. It will allow City Manager Tom Homan to enter into a community reinvestment area tax incentive agreement and school compensation agreement with Symmetry II, Delaware City Schools and Delaware Area Career Center for a $4 million investment in a 60,000-square-foot speculative office/warehouse building on Innovation Court.
Investors of Symmetry II have been given three years to meet minimum job creation and payroll commitments of 28 full-time jobs and $1.3 million, respectively, for a 50 percent, 15-year tax abatement on real property improvements. Investors can earn an additional 10 percent abatement for every $225,000 of new payroll tied to full-time jobs. If the total abatement is 70 percent or more, investors must contribute $3,000 per additional abatement annually to schools.
Read The Gazette online at www.delgazette.com.