City of Kent Committee Meeting Agenda November 5 2025
Kent drafts CRA tax abatement for Pingree project
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Description
Kent’s draft CRA agreement with Pingree 2000 Real Estate Holdings LLC would provide a 75% real property tax exemption on improvements at 1225 West Main Street for twelve years, in return for a $14.4 million project and job relocation commitments. The exemption will begin with the first taxable year for the improvements and end no later than December 31, 2038, contingent on compliance with state and local requirements.
Contract Details
Vendor
PINGREE 2000 REAL ESTATE HOLDINGS LLC
Agency
Portage Area Regional Transit Authority, OH
Contract Type
FINANCIAL_SERVICES
Document Date
November 5, 2025
Contract Term
Twelve (12) years; exemption cannot commence after December 31, 2026 nor extend beyond December 31, 2038
Renewal Date
2038-12-31
Renewal Info
Fixed 12-year CRA II exemption; not transferable or assignable without City approval; exemption can be modified, rescinded, or require repayment if obligations are not met or if false statements or delinquent taxes are discovered.
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