Explanation
BACKGROUND: Columbus City Council, by Ordinance 0601-2008, passed July 7, 2008, approved an Enterprise Zone incentive for Schottenstein Stores Corporation and 4300 Venture 34910 LLC. The Enterprise Zone incentive granted a 75%/10-Year abatement on real property improvements with a commitment of $11.8 million in real property improvements and personal property and the retention of 348 permanent full-time jobs for the purposes of relocation its corporate headquarters from 1800 Moler Road to 4300 East Fifth Avenue (a.k.a. Air Center Park), which is located within the Columbus Northeast Enterprise Zone Area.
Schottenstein Store Corporation and 4300 Venture 34910 LLC have requested dissolution of the Enterprise Agreement effective immediately.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Enterprise Zone Agreement with Schottenstein Stores Corporation and 4300 Venture 34910 LLC; and to direct the Director of the Department of Development to notify the necessary local and state tax authorities.
Body
WHEREAS, Columbus City Council approved an Enterprise Zone Agreement (EZA) with Schottenstein Stores Corporation and 4300 Venture 34910 LLC (Enterprises) by Ordinance 0601-2008 on July 7, 2008; and
WHEREAS, the EZA grants Enterprise a 75%/ 10-Year abatement on real property improvements; and
WHEREAS, the EZA requires Enterprise to invest $11.8 million in real property improvements and retain 348 full-time positions at its proposed new corporate headquarters known as 4300 East Fifth Avenue; and
WHEREAS, Schottenstein Stores Corporation and 4300 Venture 34910 LLC have not taken any exemptions associated with this agreement and have requested that the agreement be dissolve; and
WHEREAS, the City concurs with the notification received and desires to dissolve the EZA and end the tax abatement immediately; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Columbus City Council hereby dissolves the Schottenstein Stores Corporation and 4300 Venture 34910 LLC Enterprise Zone Agreement.
Section 2. That the Director of Development is hereby directed to notify the necessary local and state agencies of any changes to the dissolution of the Enterprise Zone Agreement with the Schottenstein Stores Corporation and 4300 Venture 34910 LLC Enterprise Zone Agreement.
Section 3. That the ordinance shall take effect and be in force from and after the earliest period allowed by law.