New Albany council approves TIF, rezoning

Groundwork has been laid for the New Albany

Co. to begin marketing a 484.4-acre tract, most likely for another data center.

New Albany City Council unanimously agreed this week to rezone the land and establish a tax-incrementfinancing district for the site, bounded by Miller, Clover Valley, Jug Street and Beech roads. In May, City Council agreed to annex the land from Jersey Township.

Aaron Underhill, a legal representative for the New Albany Co., said the company’s goal is to capitalize on the recipe that it and the city have been using to attract such businesses as Facebook and Google. Both companies are building data centers in the New Albany International Business Park.

The New Albany Co. is marketing the land for a data center, but other uses could be considered, Underhill said.

The rezoning designates the land as limited general employment, which will allow such uses as warehouse and distribution, research and production and general office activities, in addition to data centers, according to the council legislative report. The land previously was zoned agricultural.

Samsung profits fall by more than 56%

Samsung Electronics Co. said Friday that its operating profit for the last quarter likely fell more than 56% from a year earlier amid a weak market for memory chips.

The South Korean tech giant estimated an operating profit of $5.5 billion for the AprilJune quarter, which would represent a 56.3% drop from the same period last year.

The company said its revenue likely fell 4% to $48 billion, but did not provide a detailed account of its performance by business division.

Analysts say falling prices of DRAM and NAND memory chips are eating into the earnings of the company, which saw its operating profit during the first quarter drop more than 60% from last year. U.S. sanctions on Chinese technology giant Huawei might have also contributed to Samsung’s profit woes.

Groveport council OKS project for 2 warehouses

The Pizzuti Cos. expects to break ground later this summer for two warehouses following Groveport City Council’s unanimous approval of the project on land between the former Kmart distribution facility and American Electric Power buildings.

Council President Pro Tem Shawn Cleary abstained from the vote because he is employed by AEP, which had owned the land.

The two warehouses — 324,000 square feet and 252,000 square feet— will be built on more than 44 acres at 4500 S. Hamilton Road. Traffic entering and exiting the development will use the traffic signal at Higgins and Directors boulevards.

Pizzuti, addressing traffic concerns, agreed to upgrade and modernize the intersection following a traffic study.

Cedar Point company buys Sawmill Creek

Cedar Fair Entertainment Co., the parent company of Cedar Point amusement park, announced that it has acquired Sawmill Creek Resort in Huron for an undisclosed amount.

Sawmill Creek, a 236-room resort lodge situated on 235 acres, is about a 15-minute drive from the amusement park in Sandusky.

Cedar Fair plans to renovate guest rooms, resort facilities and infrastructures at Sawmill, according to a news release. That project is slated to take place over the next two years.