Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Revolucion Holding, Inc. dba Condado Tacos and Westerville Taco Real Estate 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.
Revolucion Holding, Inc. dba Condado Tacos is a chain of casual taco restaurants whose headquarters, central production and distribution facility are in Columbus, Ohio. This will be a production/distribution center for all present restaurants in multiple states. Westerville Taco Real Estate LLC is owned by common ownership to Revolucion Holding Inc. and Condado Tacos.
Revolucion Holding, Inc. dba Condado Tacos and Westerville Taco Real Estate LLC (“Condado Tacos”) are proposing to invest a total project cost of approximately $2,895,000, including $1,600,000 in real property improvements to renovate a vacant industrial building consisting of approximately 23,455 sq. ft. located at 720 Harmon Avenue, Columbus, Ohio, 43223 parcel number 010-016208 into a production and distribution facility (“Project Site”). The company anticipates that the development of the proposed project will lead to the creation of 20 net new full-time permanent positions with an estimated new annual payroll of approximately $800,000 and the retention of 36 jobs with an approximate annual payroll of $1,450,000 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 Revolucion Holding, Inc. dba Condado Tacos and Westerville Taco Real Estate LLC for a tax abatement of seventy-five pe...
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