Explanation
BACKGROUND: Community Reinvestment Areas (CRA) have been designated by Columbus City Council under the general guidelines of Ordinance 1698-78. Such areas allow for granting of real property tax incentives to encourage industrial, commercial and residential growth.
Columbus City Council (Council) by Ordinance 1292-2012, as approved on June 18, 2012, created the Short North CRA. In addition to providing for real property tax exemptions of 100% on the increase in the assessed valuation from improvements of or to various types of residential properties and projects, Ordinance 1292-2012 also provided for real property tax exemptions of up to 100% for a period of up to 15 years for the construction of new commercial structures (including, without limitation, retail structures and parking garages). Prior to confirmation by the Ohio Department of Development, Ordinance 1292-2012 was amended for the first time by Ordinance 1735-2012, approved by Council on July 30, 2012, to expand the boundaries of the CRA. The Short North CRA received confirmation by the Ohio Department of Development on August 15, 2012.
Fireproof Partners, LLC was recently created by the owners of Elford, Inc. for the sole purpose of redeveloping the vacant and abandoned Fireproof building in the Short North. Elford, Inc. is one of the largest self-performing General Contractors and Construction Managers in Central Ohio. The company was founded in 1910, and is one of the oldest commercial construction companies in central Ohio, but with largest local ownership, and one of the Top Five local builders annually. In 2010, in recognition of Elford’s centennial celebration, the company was honored through official proclamations at the city, county, state and federal levels.
Fireproof Partners, LLC is proposing to redevelop the old vacant Fireproof building, located in the Short North District, into a 5-story mixed use facility on parcel number 010-015325. The first floor will be converted...
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