Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Orange Barrel Media, LLC and OB Franklinton Development, 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.
Orange Barrel Media, LLC was established in 2004 by founder and President Peter D. Scantland, an Upper Arlington native. The company owns and sells outdoor advertising in Columbus, Cleveland, Cincinnati, Boston, Washington D.C., Denver and Charlotte, North Carolina. OB Franklinton Development, LLC is Orange Barrel Media, LLC’s real estate holding company.
OB Franklinton Development, LLC is proposing to acquire, renovate and redevelop a vacant industrial site into a new corporate headquarters and production shop for Orange Barrel Media, LLC to be located in the historic Franklinton area. The corporate headquarters will consist of approximately 10,000 square feet of office space and the production shop will consist of another 7,200 square feet of workable space. OB Franklinton Development, LLC will invest approximately $4,710,000 that includes $2,200,000 in real property improvements, acquisition costs, machinery, equipment, furniture and fixtures, while Orange Barrel Media, LLC will create 12 new full-time permanent positions with an estimated annual payroll of approximately $1,000,000.
The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Orange Barrel Media, LLC and OB Franklinton Development, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed total investment of $4,710,000, which includes $2,200...
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