Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Tower 10, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Tower 10, LLC acquired the LeVeque Tower at 50 W. Broad Street in 2011. The site was constructed in 1927 and was originally a corporate office for American Insurance Union Citadel. At one time the facility included a hotel annex, which was closed in 1964. The building was renamed the LeVeque Tower (after owners) in 1977, two years after being listed on the National Registry. The site is currently housing a variety of businesses and agencies that fill just over half of the building.
Tower 10, LLC is a limited liability corporation involved in real estate investment. The firm has acquired and will redevelop the existing 421,281 square foot facility at 50 W. Broad Street. A total capital investment of $27.6 million is proposed at the site; with $4.5 million toward building acquisition; $19.9 million toward new construction and improvements; $1.2 million for equipment, furniture and fixtures; and $2 million toward streetscape improvements. A total of 4 new full-time permanent positions will be created and 3 full-time positions will be retained as a result of the project.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus City Schools have been advised of this project.
FISCAL IMPACT: No funding is required for this ordinance.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Tower 10, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed total capital investment of $2...
Click here for full text