Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with Westbourne Flex, LLC (the “Enterprise”). The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreement between the City and qualifying companies.
Westbourne Flex, LLC is a wholly owned subsidiary of Pioneer Development. Established in 2021, Pioneer Development specializes in the acquisition, development, leasing, and management of light and flex industrial properties in strategically selected sub-markets within the Columbus, Ohio region. By leveraging deep understanding of market trends, local economic drivers, and industry-specific demands, Pioneer Development is able to deliver high-quality, efficient, and adaptable industrial spaces that cater to the evolving needs of growing businesses through strategic project selection, effective asset management, and efficient leasing strategies. To date they have developed approximately 500,000 square feet of light industrial products in Marysville, Plain City, Grove City, Columbus, and Delaware, Ohio.
Westbourne Flex, LLC is proposing to invest a total project cost of approximately $10,000,000.00 which includes $8,800,000.00 in real property improvements and $1,200,000.00 in acquisition cost to construct two (2) proactive industrial multi-tenant flex/warehouse facilities consisting of approximately 38,540 square feet and 27,000 square feet at 6140 and 6250 Westbourne Avenue, Columbus, OH 43213, Parcel No. 520-346972 (the “Project Site”). Additionally, Westbourne Flex, LLC proposes to create or cause to be created ten (10) net new full-time permanent positions with an estimated annual payroll of approximately $500,000.00 (“New Employees”) at the proposed Project Site.
The Director of the Department of Development is recommending that Council approve a 75%/10-year Ent...
Click here for full text