Tax abatements granted to businesses

Platinum Real Estate, Cardinal Auto Wash approved for CRA deals

Two more businesses are taking advantage of Mentor’s Old Village Community Reinvestment Area.

Platinum Real Estate, moving its headquarters from Willoughby to Center Street, and Cardinal Auto Wash on Mentor Avenue each recently were approved for a CRA agreement with the city.

The CRA abates 50 percent of property taxes on improvements to the property in question for up to 10 years.

In this case, City Council supported agreements for seven years with Cardinal and 10 with Platinum.

“Platinum Real Estate has ambitious plans to remake the former Polo Building with a stunning façade revamp and interior renovation to high-quality office spaces for both their operations and for lease,” Mentor Economic Development Director Kevin Malecek said. “It is a welcome improvement to the Center Street business corridor.”

Platinum, which received a $10,000 city grant toward moving expenses and renovation last month, is investing $2 million in the project at 7200 Center St.

The company is expected to bring a total annual payroll of $3.7 million, relocate 96 employees and create at least 20 full-time and four part-time positions.

The former “Snappy’s” car wash and drive-thru beverage store was purchased by JRG Holdings LLC in June 2017 for about $240,000.

Another $850,000 was invested in the construction of a 5,800-square-foot car wash and $60,000 in the re-imaging of the drivethru beverage store onsite.

Cardinal’s payroll was an estimated $75,000 in 2019 with a 6 percent increase projected for 2020. They have hired seven full-time and three part-time employees since completion of the project.

“Cardinal Auto Wash has been functioning for several months and brings a hightouch, customer-oriented car wash and beverage service to a critical area of the Old Village,” Malecek said.

The car wash also received a Mentor Economic Development Grant, in 2018. Council approved a $4,000 payment toward the drive-through re-imaging portion of the project, at 8698 Mentor Ave.

It was not the applicant’s initial intent to re-image the brown cinder block drive-thru, but was done so at the urging of the city administration.

SUBMITTED This reimaging is proposed for the Polo building on Route 615 in Mentor.