Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance 1655-2025, passed July 14, 2025 authorized the City of Columbus (“CITY”) to enter into a Community Reinvestment Area Agreement (the “AGREEMENT”) with 1489 Rohr Holding LLC (the “ENTERPRISE”) for a real property tax abatement of seventy-five percent (75%) for a period of ten (15) consecutive years in consideration of a proposed investment of approximately $30,000,000.00 in real property improvements and the creation ten (10) full-time jobs with an estimated associated annual payroll of approximately $416,000.00 related to the construction of a new 300,000 square foot proactive industrial facility (the “PROJECT”) located at 1489 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 within the City of Columbus Rickenbacker Community Reinvestment Area (the “PROJECT SITE”). The AGREEMENT was made and entered into effective August 26, 2025, with the abatement to begin no later than tax year 2027 nor extend beyond tax year 2041.
In a letter from Trident Capital Group on behalf of the ENTERPRISE dated August 28, 2025, received by the CITY and through ensuring correspondence, confirmed that the ENTERPRISE has entered into a new joint venture with Transwestern Investment Group and have transferred or intend to transfer the PROJECT to a new entity, TCG OCP TIG Owner I, LLC. Additionally, the ENTERPRISE confirmed that their prospective address has changed, whereas 1489 Rohr Rd. Columbus, OH 43137, parcel number 495-303782, is to be replaced with the new address at 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 as the PROJECT SITE. Due diligence has been undertaken by the CITY in that TCG OCP TIG Owner I, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application and this application and all other pertinent information has been reviewed and vetted.
This legislation is to authorize the Director of the Department Development to amend the AGREEMENT for the first time for Assignment and Assumption for the purpose of (1) to remove 1489 Rohr Holding LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with TCG OCP TIG Owner I, LLC as ENTERPRISE and party to the AGREEMENT, whereby TCG OCP TIG Owner I, LLC will assume the terms and commitments of the AGREEMENT and (2) change the address of the PROJECT SITE from 1489 Rohr Rd. to 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 in the AGREEMENT.
This legislation is being presented as 30-day legislation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the City of Columbus Rickenbacker Community Reinvestment Area Agreement for the first time for Assignment and Assumption with 1489 Rohr Holding LLC to assign all benefits of the agreement to TCG OCP TIG Owner I, LLC and to revise the project site address from 1489 Rohr Rd. to 1345 Rohr Rd. Columbus, OH 43137. ($0.00)
Body
WHEREAS, the AGREEMENT granted a 75%/15-year abatement on real property improvements; and
WHEREAS, the incentive was granted in consideration of a proposed investment of approximately $30,000,000.00 investment in real property improvements and the creation ten (10) full-time jobs with an estimated associated annual payroll of approximately $416,000.00 related to the construction of a new 300,000 square foot proactive industrial facility (the “PROJECT”) located at 1489 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 within the City of Columbus Rickenbacker Community Reinvestment Area (the “PROJECT SITE”); and
WHEREAS, in a letter from Trident Capital Group on behalf of the ENTERPRISE dated August 28, 2025, received by the CITY and through ensuring correspondence, confirmed that the ENTERPRISE has entered into a new joint venture with Transwestern Investment Group and have transferred or intend to transfer the PROJECT to a new entity, TCG OCP TIG Owner I, LLC. Additionally, the ENTERPRISE confirmed that their prospective address has changed, whereas 1489 Rohr Rd. Columbus, OH 43137, parcel number 495-303782, is to be replaced with the new address at 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 as the PROJECT SITE. Due diligence has been undertaken by the CITY in that TCG OCP TIG Owner I, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application and this application and all other pertinent information has been reviewed and vetted; and
WHEREAS, due diligence has been undertaken by the CITY in that TCG OCP TIG Owner I, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application, the five-hundred dollars ($500.00) Amendment Fee and that this application and all other pertinent information has been reviewed and vetted; and
WHEREAS, an Amendment to the AGREEMENT is now needed for Assignment and Assumption for the purpose of (1) to remove 1489 Rohr Holding LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with TCG OCP TIG Owner I, LLC as ENTERPRISE and party to the AGREEMENT, whereby TCG OCP TIG Owner I, LLC will assume the terms and commitments of the AGREEMENT and (2) revise the address of the PROJECT SITE in the AGREEMENT from 1489 Rohr Rd. to 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782; and
WHEREAS, the Director of the Department of Development of the CITY has investigated the Economic Development Application of TCG OCP TIG Owner I, LLC and concurs with the Columbus City Council on the basis that TCG OCP TIG Owner I, LLC is qualified by financial responsibility and business experience to create and preserve employment opportunities in the Rickenbacker Community Reinvestment Area and improve the economic climate of the CITY; and
WHEREAS, a First Amendment for Assignment and Assumption to the AGREEMENT with 1489 Rohr Holding LLC to (1) remove 1489 Rohr Holding LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with TCG OCP TIG Owner I, LLC as ENTERPRISE and (2) change the address of the PROJECT SITE from 1489 Rohr Rd. to 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 in the AGREEMENT; and NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authorized to amend the City of Columbus Rickenbacker Community Reinvestment Area Agreement for the first time with 1489 Rohr Holding LLC (the AGREEMENT) for Assignment and Assumption to (1) remove 1489 Rohr Holding LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with TCG OCP TIG Owner I, LLC as ENTERPRISE and (2) change the address of the PROJECT SITE from 1489 Rohr R. to 1345 Rohr Rd. Columbus, OH 43137, parcel number 495-303782 in the AGREEMENT.
SECTION 2. That this FIRST AMENDMENT for Assignment and Assumption to the City of Columbus Rickenbacker Community Reinvestment Area Agreement be signed by TCG OCP TIG Owner I, LLC within ninety (90) days of passage of this ordinance, or this ordinance and the incentive authorized herein shall be null and void.
SECTION 3. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.