Explanation
BACKGROUND:This legislation authorizes the Director of Development to consent to the assignment of interest in an Enterprise Zone Agreement, known as Commodity One LLC, Commodity Logistics, and CalEast Industrial Investors, LLC. to CIVFI-OH1BO1,LLC. Columbus City Council, per Ordinance Number 0036-00, authorized the Department of Trade and Development (now known as Department of Development) to enter into an Enterprise Zone Agreement with Commodity Logistics, Commodity One and CalEast Industrial Investors, LLC. to grant a tax abatement of sixty percent (60%) on real property improvements for seven (7) taxable years in consideration of the proposed investment of $9.8 million and the creation of 200 jobs.CIVI-OH1BO1, LLC., a Delaware limited liability company, is comprised of Capital Investment Value Fund. The legal entity is managed by Cabot Properties of Boston, Massachusetts. CalEast Industrial Investors, LLC. plans to sell the project site, located at London Groveport Road, to CIVFI-OH1BO1,LLC.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to consent to the assignment of the interest of Commodity One and CalEast Industrial Investors, LLC. in an Enterprise Zone, to CIVFI-OH1B01, LLC; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance No. 779-85, dated April 22, l985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio Enterprise Zone law, by letter, dated June 12, l985; and
WHEREAS, the Commodity Logistics, Commodity One and CalEast, Industrial Investors, LLC. Enterprise Zone Agreement was approved by Ordinance Number 0036-00; and
WHEREAS, Commodity One and CalEast Industrial Investors, LLC. desires its interests in the Enterprise Agreement be assigned to CIVFI-OH1BO1, LLC.; and
WHEREAS, CIVFI-OH1BO1,LLC. desires that it be assigned the Enterprise Zone
Agreement interest of Commodity One and CalEast Industrial Investors, LLC.; and
WHEREAS, the City desires to consent to the assignment of Commodity One's and
CalEast's interest in the Enterprise Zone Agreement to CIVFI-OH1BO1, LLC.; and
WHEREAS, Enterprise Zone Agreements require the prior express, written, approval of the City for transfer or assignment; and
WHEREAS, an emergency exists in the usual daily operation of the Department of
Development in that it is immediately necessary to provide the City's consent to the
assignment in order to allow for transfer of this property to meet purchase contract
requirements, 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 and is hereby authorized to consent to the assignment of the interests of Commodity One and CalEast Industrial Investors, LLC. in an Enterprise Zone Agreement to CIVFI-OH1BO1,LLC. as the new property owner, provided that CIVFI-OHBO1,LLC Inc. agrees to comply with the terms of the Enterprise Zone Agreement.
Section 2. That for the reasons stated in the preamble hereto, this ordinance is hereby declared to be an emergency and shall take effect and be in force from and after its passage and approval by the Mayor or ten days if the Mayor neither approves nor vetoes the same.