Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Buckeye XO LLC. 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.
Buckeye XO LLC is an industrial real estate development and investment group, based in Los Angeles, California and Dallas, Texas. The company provides real estate investment opportunities in industrial assets to institutional and private wealth investors through the acquisition, development, redevelopment and management of institutional-quality bulk logistics, infill/last-mile and light industrial properties located in top-tier markets in the U.S. Since inception, Buckeye XO LLC has acquired and developed, redeveloped or repositioned industrial real estate projects totaling nearly 9 million square feet, including 15 million square feet currently in various stages of development. From infill industrial development in Los Angeles in the 1980s to land development and vertical construction as part of the global supply chain, Buckeye XO LLC continues to build upon its legacy of value creation.
Buckeye XO LLC (Building 1D) is proposing to invest a total project cost of approximately $51,900,000 in real property improvements to construct a speculative industrial facility consisting of approximately 910,140 sq. ft. at 4885 Trabue Road, Columbus, Ohio 43228, parcel number 560-154558 (the “Project Site”). 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 or surrounding communities, and the creation of 114 net new full-time permanent positions with an estimated annual payroll of approximately $3,556,800 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
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