Explanation
BACKGROUND: This legislation authorizes an amendment to Ordinance No.0959-2006, passed June 5, 2006, that authorized the Development Director to enter into the City's Enterprise Zone Agreement (EZA) with Meritex Columbus, LLC. The EZA provided a real property tax exemption of 65% for 7 years to Meritex for the real property at the project site located at 1901 Dividend Drive, based on an investment of $2,236,742 in real property improvements and the creation of 60 new full time jobs. It is now necessary to change the new job creation requirement from 60 new full-time jobs to 30 new full-time jobs. Meritex Columbus, LLC has been attempting to attract clients to utilize the multi-tenant building that will be constructed. Meritex Columbus, LLC has revised their initial estimate for job creation due to the difficulty attracting industrial clients to this area.
Meritex Enterprises, Inc, parent company of Meritex Columbus, LLC is a privately held company. Meritex is a national real estate investment company offering industrial space solutions to businesses. Meritex intends to construct a 52,800 square foot facility that can house 8 tenant suites with a total investment of $2,236,742 and create 30 new full-time jobs.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 0959-06, passed on June 5, 2006, to reflect a reduction in the new job creation requirement in the Enterprise Zone Agreement with Meritex Columbus, LLC; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Incentive with Meritex Columbus, LLC, on June 5, 2006, by Ordinance No. 0959-2006; and
WHEREAS, the Enterprise Zone Agreement provided a real property tax exemption of 65% for 7 years to Meritex Columbus, LLC for the real property at the project site located at 1901 Dividend Drive parcel number 560-210796, based on an investment of $2,236,742 in real property improvements and the creation of 60 (sixty) new full time jobs; and
WHEREAS, the ordinance must be amended to reflect a job creation commitment of 30 (thirty) new full time jobs; and
WHEREAS, Meritex Columbus, LLC has been attempting to attract clients to utilize the multi-tenant building that will be constructed; and
WHEREAS, Meritex Columbus, LLC has revised their initial estimate for job creation due to the difficulty attracting industrial clients to this area; and
WHEREAS, emergency action is request to allow the company to receive the incentive as soon as possible to begin construction of a new 52,800 square foot facility; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to amend Ordinance 0959-2006, all 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 Ordinance 0959-06, passed on June 5, 2006, is hereby amended for the purpose of reducing the new job creation requirement of Meritex Columbus, LLC from 60 (sixty) full time jobs to 30 (thirty) full time jobs.
Section 2. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force from and after passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.