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The Company Would Pay $21,800 An Acre, Or A Total Of $1.09 Million.

The Lorain plan also had general support of at least eight audience members who spoke. In the proposal for a medical marijuana facility, the city would grant GTI Ohio an option to purchase 50 acres at the end of River Bend Drive in the Colorado Avenue Industrial Park. The company would pay $21,800 an acre, or a total of $1.09 million. • The option would run June 1 to May 31, 2019. • The company would pay $5,000 for a nonrefundable option payment once GTI Ohio executes the option. • GTI Ohio will enter a developer’s agreement with the city to develop at least 20 acres by medical marijuana Dec. 31, 2019, with new construction worth at least $10 million and creating at least 50 new full-time jobs. • GTI Ohio will apply for a state license to become a medical marijuana large cultivator facility and processing facility. • The company also would pay the city 2 percent of the gross revenue of the licensed cultivator facility.

To read more visit http://www.morningjournal.com/article/MJ/20170605/NEWS/170609684

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