Explanation
BACKGROUND: The need exists to amend Ordinance 1848-2008, passed November 25, 2008, authorizing the Director of Development to enter into a 75%/10 year Enterprise Zone Agreement with High Street 2008, LLC.
This amendment will extend the deadline for the company to sign the Enterprise Zone Agreement from 90 days after passage of the original ordinance, 1848-2008, to 90 days after passage of this ordinance. Construction delays and design changes resulted in the failure to sign the Enterprise Zone Agreement within the 90 days allowed in the original ordinance.
High Street 2008, LLC is proposing to renovate the interior and exterior of the vacant building at 45 N. High Street. The vacant property previously occupied by the Arbys Restaurant is located in the "Mile on High District".
The goal of High Street 2008, LLC is to attract quality office and/or commercial tenants to the downtown area and continue the revitalization of the core of the City.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1848-2008 to extend the signing deadline for the Enterprise Zone Agreement with High Street 2008, LLC.
Body
WHEREAS, the need exists to amend Ordinance 1848-2008, passed November 25, 2008, authorizing the Director of Development to enter into a 75%/10 year Enterprise Zone Agreement with High Street 2008, LLC; and
WHEREAS, this amendment will extend the deadline for the company to sign the Enterprise Zone Agreement from 90 days after passage of the original ordinance, 1848-2008, to 90 days after passage of this ordinance; and
WHEREAS, construction delays and design changes resulted in the failure to sign the Enterprise Zone Agreement within the 90 days allowed in the original ordinance; and
WHEREAS, High Street 2008, LLC is proposing to renovate the interior and exterior of the vacant building at 45 N. High Street. The vacant property previously occupied by the Arbys Restaurant is located in the "Mile on High District"; and
WHEREAS, the goal of High Street 2008, LLC is to attract quality office and/or commercial tenants to the downtown area and continue the revitalization of the core of the City; and
WHEREAS, High Street 2008, LLC plans to invest $1,250,000 to acquire and renovate the building at 45 N. High Street, previously occupied by Arby's Restaurant; and
WHEREAS, High Street 2008, LLC plans to create 7 (seven) new full time permanent jobs; and NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Ordinance 1848-2008 is hereby amended to change the deadline of the signing of the Enterprise Zone Agreement from 90 days after passage of Ordinance 1848-2008 to 90 days after passage of this ordinance.
Section 2. The Enterprise Zone Agreement will be signed by High Street 2008, LLC within ninety (90) days of passage of this ordinance, or this ordinance and the abatements and credits authorized herein are null and void.
Section 3. That this Ordinance shall take effect at the earliest time allowed by law.