Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Gowdy Partners III LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Gowdy Partners III LLC was created by Daimler Development Corporation of the purpose of developing Gowdy Field. Gowdy Field was originally annexed in 1921 and named after the famous baseball and war veteran Hank Gowdy. The site has since been covered and now serves as headquarters of Time Warner Cable, a newly constructed 140,000 square foot office building. Gowdy Partners III LLC is currently in the process of working with the City to redevelop the Gowdy Heliport site into an income producing property. Gowdy Partners III LLC is proposing to invest $22.5 million to acquire vacant land and make real property improvements that will include the construction of a 103,500 square foot office facility. The proposed site would potentially house a long term tenant that will relocate/retain approximately 100 employees, all new to Columbus, and create 33 new permanent full-time positions.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects. The Columbus Public Schools has been advised of this project.
Emergency action is requested to facilitate a spring project start and immediately begin development.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Gowdy Partners III LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $22.5 million investment in acquisition costs and real property improvements; and to declare an emergency.
Body
WHEREAS, the Columbus ...
Click here for full text