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The school board this morning approved a tax abatement agreement with the company in which Eastwood will receive $675,000 per year beginning in 2015 and continuing through January 2029. The amount received over that time will be $10,125,000. Home Depot then will begin to pay property taxes in 2031.
If all goes as planned, construction on the distribution center on 157 acres near the southwest corner of U.S. 20 and Pemberville Road may begin in July or August.
The proposed facility will be 1.63 million square feet - larger than the Chrysler machining plant in Perrysburg Township.
The company is asking local and county officials for a 100-percent abatement of real property taxes for 15 years.
"It's almost like getting a winning lottery ticket. It's marvelous," said school board President Sherri Sheffler after the meeting.
"We could not be happier. We just need to get input, put things in place and spend the money as wisely as we can," she added.