Explanation
BACKGROUND: The 2011 Columbus Tax Incentive Review Council (TIRC) reviewed the Amamata LLC Enterprise Zone project on August 18, 2011, and recommended that the City dissolve the Enterprise Zone Agreement (EZA #023-02-08, hereinafter "Agreement") between the City and Amamata LLC (hereinafter "Enterprise"). The City concurs with the recommendation of the TIRC.
Columbus City Council approved the Agreement by Ordinance 0338-2010, adopted March 8, 2010. The Agreement was entered into effective May 11, 2010 and granted a 75%/10-Year abatement on real property improvements with a commitment of $1,500,000 in real property investment and the creation of 40 new permanent full-time jobs within three years following the execution of the agreement with a payroll of $1,400,000 related to the renovation of an approximately 50,000 square foot facility on parcel number 520-121657 located at 6400 East Broad Street within the City of Columbus Enterprise Zone (Zone #023). The project was expected to begin February 2010 and all real property improvements were expected to be completed by December 31, 2010. Two (2) of the new full-time jobs were to be created by the end of the first year the Agreement was in effect (year end 2011), eighteen (18) more by year end 2012, and twenty (20) more by year end 2013. No real property tax exemption was to commence after 2012 nor extend beyond 2021.
As of the TIRC review on August 18, 2011, the City reported that Enterprise had not submitted their annual report for Report Year 2010. Enterprise missed the March 31, 2011 reporting deadline. Enterprise had indicated difficulty in finalizing project financing following execution of the Agreement. Enterprise has missed the real property investment window (December 31, 2010) and no work has commenced on project and project cannot continue without the Agreement being amended. Enterprise has not provided the City with a formal request to amend or dissolve the Agreement despite repeated r...
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