Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Gideon Development Partners, LLC. The Ohio Enterprise Zone Law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Gideon Development Partners, LLC plans to construct a 56,000 square foot facility to accommodate development and relocation. The project will include an investment of $6,235,000 and the creation of 3 (three) full-time jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus Public School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Gideon Development Partners, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $6,235,000 investment in real property improvements and the creation of 3 (three) new jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio Enterprise Law, by letter dated June 12, 1985; and
WHEREAS, Gideon Development Partners, LLC plans to construct a 56,000 square foot facility to accommodate relocation and expansion; and
WHEREAS, the expansion will add approximately $6,235,000 in investment within the City; and
WHEREAS, the construction will create 3 new full time jobs: and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to enter into contract with Gideon Development Partners, LLC for the preservation of public health, peace, property and safety, NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development is hereby authorized to enter into an Enterprise Zone Agreement with Gideon Development Partners, LLC and to provide therewith an exemption of seventy-five percent (75%) on real property improvements for a term of ten (10) taxable years in association with the project's proposed $6,235,000 investment.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.