Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Pizzuti GM Holdings LLC and Pizzuti GM LLC. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into Council-approved agreements between the City and participating companies.
Pizzuti GM Holdings LLC and Pizzuti GM LLC, both affiliates of Columbus-based developer The Pizzuti Companies (“Pizzuti”), are proposing to redevelop the former Grandview Mercantile antique marketplace and ReVue consignment store, both located at 873 North High Street, Columbus, Ohio 43215 (“Project Site”) in the Short North Arts District into a four-story, mixed use commercial office and retail development.
Once constructed, the new four-story, 58,685-square-foot building on the northwest corner of High Street and West 1st Avenue is expected to house approximately 11,905 square feet of ground-floor retail space and approximately 46,780 square feet of Class A office space on floors two through four. Parking to serve the office space is expected to be constructed below grade with room for 34 vehicles to be parked beneath the building.
Pizzuti GM Holdings LLC and Pizzuti GM LLC are expected to invest approximately $16,600,000 to construct and finish the full development, of which approximately $11,172,675 will be related to the construction of approximately 46,780 square feet of commercial office space. An additional $2,584,000 of the $16,600,000 will be related to the construction of 34 parking spaces in support of the office development. It is estimated that the new development will support the creation of 25 net new full-time permanent positions with an associated annual payroll of approximately $1,250,000 by December 31, 2022.
The Department of Development recommends an Enterprise Zone property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years on real property improvements for the purpose of constructing app...
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