Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Pinchal & Company LLC (“Pinchal & Company”). The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Pinchal & Company is a privately owned real estate investment company that focuses on development, acquisition, operation, and portfolio management throughout the United States. The company has acquired more than 30 million square feet of institutional grade industrial product and often owns approximately 5 million square feet at any given time. Pinchal & Company serves a range of tenants, including Fortune 500 Companies, government agencies, and investment grade companies. Pinchal & Company was founded in 1986 and is headquartered in Houston, Texas.
Pinchal & Company (Building 4) is proposing to invest a total project cost of approximately $26,717,781 which includes approximately $1,449,501 in acquisition cost, $1,430,280 in leasehold improvements and $23,838,000 in real property improvements to construct a speculative distribution and warehouse facility consisting of approximately 476,000 square feet on an undeveloped land containing approximately 182 acres south of State Route 317 on Lockbourne Road, Columbus, Ohio 43137, parcel number 495-263119 (the “Project Site”), also known as “Peters Farm”. The company anticipates that the development of the proposed project will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 60 net new full-time permanent positions with an estimated new annual payroll of approximately $1,872,000 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District have been advised of this project. This legislation is presented as 30-day legislation.
FISCAL IMPACT:
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