Explanation
The Tax Incentive Review Council (the "TIRC") recommended on August 25, 2006, that the City amend the Enterprise Agreement with the Columbus Urban Growth Corporation (the "EZA") by adding to the EZA a property owner and two anchor tenants, by clarifying what the job creation subtotals are for each of the two parcels granted exemptions under the EZA and for each of the two anchor tenants, and by providing for the option of eliminating a parcel from the EZA if at least 75% of the job creation requirement for that parcel is not attained by June 30, 2007.
The EZA was authorized by Columbus City Council Ord. No. 1100-00, adopted on May 15, 2000 and the EZA entered into effective August 2, 2000. City Council granted a 75%/10-yr abatement on real property improvements (2001-2010) and required $1.8 million to be invested in real property improvements and new construction and $260,000 to be invested in new personal property. The real property investment goal has been satisfied and City Council eliminated the personal property investment goal in November of 2004 following a TIRC recommendation. The project site is comprised of two parcels. The first parcel is at 1393 Cleveland Avenue, the Crosstown Building, on the south side Eleventh Avenue and the second parcel is at 1407 Cleveland Avenue, on the north side of Eleventh Avenue, opposite the Crosstown Building. Columbus Urban Growth Corporation (the "CUGC") still owns the Crosstown Building while the building at 1407 Cleveland Avenue was acquired in 2003 by WMM Partnership. Both parcels currently enjoy real property tax exemptions under the EZA but only CUGC is actually a party to the EZA. The EZA needs to be updated to add WMM Partnership as a party. The Crosstown Building is occupied by a variety of small tenants, with The Philippi group being the anchor tenant. The building at 1407 Cleveland Avenue was leased by a State Farm Insurance agency but this tenant left the facility in 2004, though conti...
Click here for full text