Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 3117-2016, passed December 12, 2016, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Huntington National Bank (The), Huntington Bancshares, Inc., Huntington Insurance, Inc., Huntington Investment Company, & Huntington Technology Finance, Inc. (collectively known as Huntington Nation Bank and hereinafter, referred to as “ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a total capital investment of approximately $18,000,000.00 in the renovation of a 212,000 square-feet vacant commercial facility at 5555 Cleveland Ave. Columbus, OH 43231, parcel number: 010-143750, within the Columbus North Enterprise Zone (the “PROJECT SITE”). Additionally, the ENTERPRISE committed to create twenty-three (23) net new full-time permanent positions with an estimated associated payroll of approximately $1,380,000.00, and retain and relocate 1,179 full-time jobs from its Morse Road and Crosswoods locations with an associated estimated annual payroll of approximately $48,820,000.00 at the PROJECT SITE. The AGREEMENT was made and entered into effective July 27, 2017 with the PROJECT expected to begin approximately June 2017, with all real property improvements expected to be completed by approximately December 2017 and with the abatement to commence no later than 2018 nor extend beyond 2027 (Agreement No. 023-17-07).
On August 23, 2024 the 2024 TIRC recommended the City of Columbus modify the agreement to reflect a post-covid workplace. This recommendation was accepted by the City Council in Resolution 0250x-2024 passed by the CITY dated October 24, 2024. Following this, The Department of Development contacted the ENTERPRISE and through subsequent correspondence, revised new retained and net new job commitments were established reflecting the current employee co...
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