Developer receives city tax exemption to offset asbestos abatement
Tiffin, OH — Rensko Holdings, a company out of Westerville Ohio, has purchased 1630 West Market Street and is announcing that they plan to build a Tim Hortons franchise on the property. The project will cost an estimated $1.44 million and create 35 new jobs.
Rensko owns nearly 30 Tim Hortons developments in Ohio. The company has been expanding and has identified additional growth markets for this and next year throughout the state. Tiffin is one they are targeting. Rensko is also planning to build a Tim Hortons store in Fostoria.
Jennifer Francis, Manager of New Development for Rensko Holdings, said market research and the community’s reputation has shown Tiffin to be an ideal market for a new Tim Hortons. “We are impressed with all the retail development going on in Tiffin and how the city continues to grow. We think a new Tim Hortons will be a great addition to the community,” she said.
The company tonight received final approval from the Tiffin City Council for a 50%, 10-year Community Reinvestment Area (CRA) tax abatement. Demolition is set to begin within the next 10-15 days and new construction is planned to begin in October. Developers hope to have the store completed by the end of the year. The tax savings are helping the company offset additional unanticipated development costs, including asbestos abatement.
Tiffin Mayor Aaron Montz was pleased with their decision to locate in Tiffin. “We continue to see growth in all sectors, from manufacturing to retail. We are very happy to welcome Tim Hortons as the newest national brand in our West Market Commercial Corridor.”
Tim Hortons® Overview
TIM HORTONS®, part of Restaurant Brands International, is one of North America’s largest restaurant chains operating in the quick service segment. Founded as a single location in Canada in 1964, TIM HORTONS® appeals to a broad range of consumer tastes, with a menu that includes premium coffee, hot and cold specialty drinks (including lattes, cappuccinos and espresso shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini and classic sandwiches, wraps, soups, prepared foods and other food products. As of December 31, 2015, TIM HORTONS® had more than 4,400 system wide restaurants located in Canada, the United States and the Middle East. More information about the Company is available at www.timhortons.com.
Started in 1983, the Seneca Industrial and Economic Development Corp. (SIEDC) is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on at the company’s blog at www.senecasuccess.com.