Explanation
BACKGROUND: This legislation authorizes the Director of Development to consent to the transfer and assignment of the Brewers Yard LLC/Fahlgren Inc. Enterprise Zone Agreement (EZA) to Grange Mutual Casualty Company (Grange) in connection with the sale of the property. Columbus City Council, per Ordinance Number 2926-99, approved the EZA on December 13, 1999. The ordinance authorized the Director of the Department of Trade and Development to enter into an agreement with Brewers Yard LLC and Fahlgren, Inc. for a tax abatement of fifty percent (50%) on real property improvements for ten (10) taxable years. Columbus City Council authorized the EZA Agreement in consideration of an investment of $22.1 million, the relocation of 39 full-time jobs and the creation of five new full time jobs. The project site is located at 585 S. Front Street. Brewers Yard, LLC, an Ohio Limited Liability Company was formed for the purpose of developing Brewers Yard, a mixed use development project in the Brewery district of downtown Columbus, Ohio. Fahlgren, Inc. was a tenant of Brewers Yard.
On May 15, 2007, Brewers Yard, LLC sold the real property to Grange Mutual Casualty Company (Grange). Grange agrees to adhere to the obligations set forth in the Enterprise Zone Agreement approved by Columbus City Council.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to consent to the transfer and assignment of the Enterprise Zone Agreement known as Brewers Yard LLC and Fahlgren, Inc. to Grange Mutual Casualty Company.
Body
WHEREAS, the Brewers Yard LLC and Fahlgren, Inc. Enterprise Zone Agreement (EZA) was authorized by Columbus City Council by Ordinance Number 2926-99, passed on December 13, 1999; and
WHEREAS, Brewers Yard LLC has developed over 21 acres of vacant ground in the Brewery District of downtown Columbus, Ohio; and
WHEREAS, Brewers Yard is a mixed u...
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