Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Continental/Olentangy Hotel, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Continental/Olentangy Hotel, LLC is a real estate development company created and organized by Continental Real Estate Companies for the purpose of re-developing the Buckeye Hall of Fame Café site, which is located just south of the OSU campus. Continental/Olentangy Hotel, LLC was created in July 2009 to assist in the demolition of existing improvements and the construction of a brand new 134-room, 6-story hotel known as Marriott Spring Hill Suites Hotel. The proposed site is currently under receivership and will cease operations by year end, leaving a vacant building in the community.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus Public Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this project.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Continental/Olentangy Hotel, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $13.6 million investment in real property improvements.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and subsequently amended the Zone by Ordinance Nos. 2722-85 in 1986; 2080-89 in 1989; 1949-92, 2609-92 and 2249-92 in 1992; 1079-94 and 1228-94 in 1994; 2196-95 and 2817-95 in 1995; 533-99 in 1999; 1785-00 in 2000; 1464-02 in 2002; and 225-03 in 2003; and
WHEREAS, the Director of the Development ...
Click here for full text