Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with CL Stelzer, LLC (“CL Stelzer”), (the “Enterprise”). The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into Council-approved tax abatement agreements between the City and qualifying companies.
CL Stelzer is a real estate holding company that was established in April 2022 by Terry Coyne, principal owner. The company was created to assist in the development of a vacant land parcel located on Stelzer Road in close proximity to the John Glenn Columbus International Airport. Mr. Coyne is the principal owner of Terry Coyne Properties, which is a full-service brokerage company. With over 35 years of combined experience, Terry and his team of Cleveland and Columbus real estate brokers rank among Newmark’s top industrial producers nationwide. Terry’s team serves the Cleveland, Columbus, Dayton, Toledo and Youngstown markets through buying, selling and leasing commercial properties. The company’s commercial portfolio include offices, industrial warehouses, and manufacturing spaces as well as land and investment opportunities.
The Enterprise is proposing to invest a total project cost of approximately $17,146,315.00 in real property improvements to construct a Class A proactive industrial facility totaling approximately 270,000 square feet on a vacant land parcel consisting of approximately 13.6 +/- acres (the “Facility”) at 885 Stelzer Road, Columbus, Ohio 43219, parcel number 010-146738 (the “Project Site”). The Enterprise anticipates that the development will create of cause to be created thirty (30) net new full-time permanent positions with an estimated annual payroll of approximately $1,134,000.00 at the proposed Project Site (“New Employees”).
The Director of the Department of Development is recommending that Council approve a 75%/10-ye...
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