COVENTRY TOWNSHIP, Ohio — Akron and Coventry Township officials inked a renewed joint economic development agreement on Tuesday that includes a joint property acquisition and creation of a shared commercial development.
“After nearly 30 years, the city of Akron and Coventry Township Board of Trustees agreed to reevaluate our existing JEDD relationship, and really discuss those new potential economic development opportunities that benefit all of us,” said Mayor Dan Horrigan.
Under the renewed JEDD agreement, which extends the existing agreement for 99 years, Akron and Coventry will acquire an undeveloped, 66-acre parcel on South Main Street currently owned by the Interval Brotherhood Home.
Acquisition of the $1.6 million property and its development costs will be shared equally by the city and the township, according to Coventry Township Trustee Edward Diebold.
The municipalities said they agreed to equally split future tax income generated at the property. The township will have final approval of the site plan and development plan, Diebold said.
Without the willingness of the city and township to engage in earnest discussions, joint acquisition of the property would have been “extremely unlikely” and “equal tax sharing would have been impossible,” Diebold said.
“We are beyond excited to renew our commitment to future economic development in our community,” he said.
Based on historical data from other local industrial parks, the new park is expected to create between 350 and 650 jobs and generate between $400,000 and $850,000 in taxes, officials said.
Township Trustee George Beckham pointed out that garnering 50% of that estimated income would have a big impact on the township, as its only source of income is property tax.
“That’s almost 2 mils of tax,” Beckham said.
The property is situated near Route 224 and I-77, and 15 minutes from Akron-Canton Airport, making it an ideal location for an industrial park, he said.
A large stand of trees exists between the development site and the closest homes, to serve as a buffer, said Township Trustee Jeffrey Houck. The township plans to enforce zoning restrictions and other protections that prohibit offensive noise, light, odor or dust at the site.
Akron and Coventry also have agreed to adhere to some specific wishes of IBH, which operates an addiction-recovery facility.
Businesses engaged in the sale of alcohol, drugs, including marijuana dispensaries, gambling or sexually oriented business will not be permitted to operate in the new park, Houck said.
Other additions to the extended JEDD include a new “automatic aid” agreement between Akron and Coventry Township’s fire and emergency services departments; a way for new or existing Coventry businesses to access Akron utilities; and a mechanism that enables additional capital investment in the township.
Akron and Coventry first entered into an agreement in 1994, in part, to stop further annexation of the township, officials said. The earlier JEDD also helped spur the township’s development by bringing water and sewer service to Coventry.
