Explanation
Background: Creation of the Cassady/I-670 Community Reinvestment Area (CRA) was authorized by Columbus City Council on December 12, 2005 by Ordinance Number 2144-05 and confirmed by the Director of the Ohio Department of Development on February 1, 2006. Within this CRA, the City may negotiate and grant tax abatements of up to 50%/12-years on real property improvements for commercial/industrial projects.
This Ordinance will approve a 50%/10-year tax abatement for Gateway Cassady Partners, LLC and Mid Ohio Oncology/Hematology, Inc. to carry out a business consolidation and expansion project within the Cassady/I-670 CRA (see Exhibit A for location map). The abatement will apply to the real property improvements. The enterprises propose to create a comprehensive cancer care center that will include a new 109,000 square foot facility, a total investment of $42 million in real and personal property ($24 million in real property and $18 million in personal property), the retention of 130 jobs (20 new to Columbus) and the creation of 80 new jobs. The annual payroll for all 210 jobs will be $16.5 million, of which approximately $7.6 million will be from the jobs new to Columbus. The comprehensive cancer center will enable Mid Ohio Oncology/Hematology, Inc. to consolidate existing offices from five different locations, provide comprehensive and improved care to cancer patients and increase efficiency and cost effectiveness. This legislation is presented as an emergency piece due to the urgent need for the project to not fall behind its construction schedule.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a CRA Agreement with Gateway Cassady Partners, LLC and Mid Ohio Oncology/Hematology, Inc. and to grant a 50%/10-year tax abatement on real property improvements; and to declare an emergency.
Body
WHEREAS, the Columbus City Council adop...
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