Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 810 Grandview LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Headquartered in Columbus, Ohio, 810 Grandview, LLC (“810 Grandview”) is a real estate holding company that is a subsidiary of Thrive Companies, previously known as Wagenbrenner Development. Wagenbrenner Development is a real estate development company, which recently rebranded its’ name and is now known as Thrive Companies. The company specializes in acquiring blighted and underutilized properties and redeveloping them to their highest and best use. The company’s primary business is to own, develop and lease mixed-use properties including office, multi-family, retail and garages.
810 Grandview is proposing to invest a total project cost of approximately $19,200,000 in real property improvements to construct a new 4-story speculative commercial office structure consisting of approximately 124,000 square feet on roughly 28.983 +/- acres of undeveloped land located at 1400 City View Way, Columbus, Ohio 43215, parcel number 010-129562 (“Project Site”). The company anticipates that the development of the proposed project will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 20 net new full-time permanent positions with an estimated new annual payroll of approximately $832,000 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District has been advised of this project. This legislation is presented as 30-day legislation.
FISCAL IMPACT: No Funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with 810 Grandview LLC for a...
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