Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to consent to the transfer and assignment of the Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., Community Reinvestment Area (CRA) to Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp. in connection with the sale of the property. Columbus City Council amended the existing Old State Road Community Reinvestment Area on February 9, l998 by Ordinance No. 10X-98. The resolution allowed the City to offer a tax incentive of 65 %( sixty five percent) for 10 (ten) years to Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd. The project site is located at 1900 Polaris Parkway. Mettler/ Toledo Scales, in cooperation with The Offices at Polaris, Ltd., proposed to construct a 160,000 square foot facility on 8.9 acres and create 100 permanent full time jobs. The facility was completed and the abatement will run from 1999-2008. By the end of 2004, the investment, job retention, and job creation goals had been attained. The Columbus Tax Incentive Review Council, in its 2005 review, found the project to be in compliance.
The project site, located at 1900 Polaris Parkway, was purchased on September 6, 2005 by Kenney Airport Hotel Corp and Kenny Airport Hotel II Corp. Kenney Airport Hotel Corp is owned By Donald L. Kenney and his four children. Kenney Airport Hotel II Corp is owned by Donald L. Kenney. The project site will be managed by Triangle Real Estate Services, a company that has managed commercial and residential properties for over twenty years. Triangle Real Estate Services is also owned by Donald L. Kenney.
This legislation is presented as an emergency measure to allow the transfer of the CRA because the property was sold on September 6, 2005.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to consent to the transfer and assignment of the Community Reinvestment Area incentive to Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp from Mettler/Toledo Scales, in cooperation with The Offices of Polaris Ltd.; and to declare an emergency.
Body
WHEREAS, the Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., Community Reinvestment Area (CRA) incentive was authorized by Columbus City Council by Ordinance No. 10X-98, passed on February 9, 1998; and
WHEREAS, Mettler/Toledo Scales, in cooperation with The Offices of Polaris , Ltd. was the previous owner of the
land and facility pertaining to the CRA project site; and
WHEREAS, as of the most recent performance review, the CRA was found to be in compliance by the Columbus
Tax Incentive Review Council; and
WHEREAS, Mettler/Toledo Scales, in cooperation with The Offices of Polaris Ltd., has sold the CRA project
land and facility to Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp; and
WHEREAS, Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., and Kenney Airport Hotel
Corp and Kenney Airport Hotel II Corp have requested the City to consent to the transfer and assignment of
Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., interests under the CRA to Kenney
Airport Hotel Corp and Kenney Airport Hotel II Corp; and
WHEREAS, Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp has stated in writing that it has
reviewed the CRA Agreement and is capable and willing to comply with the terms of the CRA Agreement and
fulfill all of the obligations of Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., under the
CRA Agreement, if the City consents to the transfer and assignment of the CRA incentive; and
WHEREAS, the transfer and assignment of the Community Reinvestment Area incentive requires prior express,
written, approval of the City; and
WHEREAS, the City desires to consent to the transfer and assignment of the CRA incentive to Kenny Airport
Hotel Corp and Kenney Airport Hotel II Corp; and
WHEREAS, an emergency exists in the usual daily operation of the Development Department in that it is
immediately necessary to provide City consent for the transfer of the CRA to Kenney Airport Hotel Corp and Kenny
Airport Hotel II Corp, thereby providing incentive for the project to maintain its goals, thereby preserving the public
health, peace, prosperity, safety and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development be authorized to consent to the transfer and assignment of the interests of Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., in the Community Reinvestment Area (CRA) incentive to Kenney Airport Hotel Corp and Kenny Airport Hotel II Corp provided that Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp has agreed to comply with the terms of the CRA Agreement and to assume all of the obligations of Mettler/Toledo Scales, in cooperation with The Offices of Polaris Ltd., under the CRA Agreement.
Section 2. That for the reasons stated in the preamble thereto, which is made a part hereof, this Ordinance is declared to be an emergency measure and shall 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.