Powell's economic development board voted Aug. 25, to transfer 10 city-owned acres on Home Road to the Powell Development Corporation, clearing the way for a flex-tech park projected to bring 231 jobs and $16.2 million in annual payroll to the city.
City Council must still approve the transfer. A vote is expected as early as the week of Sept. 1, according to Delaware Source, which first reported the PDC's action.
Economic Development Administrator Sean Hughes told the PDC board the land transfer would let the corporation move faster than the city could on its own. As a community improvement corporation under Ohio law, the PDC can select a developer without soliciting formal proposals or qualifications.
"We have an opportunity here with the property and the best way for that opportunity to move forward in an expedited fashion is for the PDC to actually control the land, rather than the city," Hughes said at the meeting.
Hughes said he has already identified an interested developer. He did not name the firm. He plans to bring the developer's land-use proposal to the PDC board at its September meeting.
What the numbers show
In a memo to City Council, Hughes projected the flex-tech park would:
- Occupy roughly 135,000 square feet across one or more buildings
- Support 231 jobs generating nearly $16.2 million in annual payroll
- Produce $323,400 in annual income tax revenue at Powell's current 2% rate
The city paid $208,197 per acre for the Home Road land, Hughes wrote. He estimates the park would deliver a 5.37% annualized return on investment over 15 years, with a total 15-year ROI of 118.02%.
Hughes hopes to finalize a developer agreement by fall 2026, with the park operational by late 2027 to mid-2028.
How flex-tech parks work
Flex-tech parks combine traditional office space with light industrial, warehouse, and research laboratory facilities in adaptable buildings. Hughes said the format attracts technology, healthcare, and research-and-development tenants because it allows administrative work and product development in the same unit.
Hughes cited the $23.7 million Edwards Farms Innovation Center in Hilliard as a comparable model. That two-building complex totals 151,800 square feet and received a 15-year, 75% tax abatement from Hilliard City Council.
Hughes said smaller flex-tech buildings outperform larger industrial buildings in returns per square foot and payroll.
What comes next
If City Council approves the quitclaim deed transfer, the PDC can then negotiate directly with the developer. The corporation could lease the land, sell it, or become a financial partner, Hughes said.
The developer's identity and land-use plan are expected to become public at the PDC's September board meeting.
