Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Oasis Properties. 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.
Oasis Properties is an urban neighborhood real estate development company. Oasis Properties plans to construct a 20,000 square foot facility located at 3638 Sunbury Road (parcel 010-104686-00) to accommodate private physicians' offices, general medical and dental care, on an urgent basis, prescriptions and health related retail. The project will include an investment of $2.3 million and the creation of 18 (eighteen) new full-time jobs. The principle party of Oasis Properties is Leonard Jennings, Owner.
The Department of Development recommends a 65%/7 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 Oasis Properties for a tax abatement of sixty-five percent (65%) for a period of seven (7) years in consideration of a proposed $2.3 million investment in real property and the creation of eighteen (18) 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, Oasis Properties plans to construct a 20,000 square foot facility located at 3638 Sunbury Road to accommodate private
physicians' offices, general medical and dental care, on an urgent basis, prescriptions and health related retail; and
WHEREAS, the expansion will add approximately $2.3 million in investment within the City; and
WHEREAS, the construction will create 18 new full-time jobs; and
WHEREAS, the City desires to enter into such a binding, formal agreement in order to foster economic growth; 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 Oasis Properties 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 Oasis Properties and to provide therewith an exemption of sixty-five percent (65%) on real property improvements for a term of seven (7) taxable years in association with the 3638 Sunbury Road project's proposed $2.3 million investment.
Section 2. That the City of Columbus Enterprise Zone Agreement shall be signed by Oasis Properties within ninety (90) days of passage of this ordinance, or this ordinance and the abatement authorized herein are null and void.
Section 3. That for reasons stated in the preamble hereto, which is hereby made a pare hereof, the 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.