City of Kent Council Committee Meeting Agenda Packet 2026-06-03
Kent Considers Revised CRA Deal With Pingree 2000
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Description
The City of Kent is considering a revised CRA II agreement with Pingree 2000 Real Estate Holdings, LLC to grant a 75% real property tax exemption on improvements to 1225 West Main Street for twelve years. The agreement supports a $14.4 million redevelopment investment while requiring job relocation and retention commitments.
Contract Details
Contract Amount
Real property tax exemption on $1,626,762 in renovations (within total $14,406,762 investment)
Vendor
PINGREE 2000 REAL ESTATE HOLDINGS LLC
Agency
Portage Area Regional Transit Authority, OH
Contract Type
FINANCIAL_SERVICES
Document Date
May 30, 2026
Contract Term
Twelve (12) years; exemption not to commence after December 31, 2026 nor extend beyond December 31, 2038
Renewal Date
2038-12-31
Renewal Info
Initial CRA II incentive term of twelve years beginning with the first tax year in which the improved property would otherwise be taxable; no exemption may commence after 2026 or extend beyond 2038.
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City of Kent Regular City Council Meeting Agenda January 21 2026
APPROVEDCity of Kent Council Meeting Agenda December 2025
PENDINGCity of Kent Regular City Council Meeting Minutes December 2025
APPROVEDCity of Kent Committee Meeting Agenda November 5 2025
PENDINGMore from Portage Area Regional Transit Authority
City of Kent Council Committee Meeting Agenda Packet 2026-06-03
City of Kent Council Committee Meeting Agenda Packet 2026-06-03
City of Kent Council Committee Meeting Agenda Packet 2026-06-03
City of Kent Council Committee Meeting Agenda Packet 2026-06-03
City of Kent Council Committee Meeting Agenda Packet 2026-06-03
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