Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with DCT Industrial (DCT). 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.
DCT Industrial is a leading real estate company specializing in the ownership, acquisition, development and management of bulk distribution and light industrial properties located in 24 of the highest volume distribution markets in the United States. In the future, they intend to continue to focus on properties that exhibit these characteristics where they believe they can achieve favorable returns and leverage their management expertise.
In an effort to expand as per their intent outlined above, the company is proposing to invest $13,125,000 in the purchase of an existing 350,000 square foot distribution facility at 6450 Lasalle Drive (parcel 495-269365) and further invest approximately $6,115,000 in a 180,000 square foot cross-docked addition which will be rail served in order to attract rail users. DCI will be the owners of the facility and will lease space to the companies that will be responsible for job creation.
The Department of Development recommends a 75%/10 year Enterprise Zone tax abatement on real property improvements under the City's Enterprise Zone Program.
Emergency action is requested in order to allow DCT to begin investing and creating jobs as quickly as possible.
The Columbus City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with DCT Industrial for a real estate tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $13,125,000 investment in real property acquisition, $6,115,000 investment in real property improvements, and the creation of 20 (twenty) fu...
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