Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1917-2017, passed July 31, 2017, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with The Zimmerman Companies, LLC and 1201 Dublin Road, LLC (collectively, and hereinafter also referred to as “ENTERPRISE”), for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the ENTERPRISE’s total proposed capital investment of approximately $5.278 million, which included $3.85 million in acquisition cost, $1.068 million in real property improvements, and $360,000 in furniture and fixtures to redevelop a vacant commercial office facility at 1201 Dublin Road, Columbus, Ohio, parcel number 010-104463-00. Additionally, the ENTERPRISE agreed to retain six (6) full-time jobs with an annual payroll of approximately $332,700 and has committed to create six (6) net new full-time permanent positions with an annual payroll of approximately $260,000, within the City of Columbus Central Enterprise Zone. The AGREEMENT was made and entered into effective October 4, 2017 with the abatement currently effective from 2019-2028 applied to parcel number 010-104463-00.
In a letter from the ENTERPRISE dated August 20, 2019, received by the CITY and through ensuing correspondence, the ENTERPRISE indicated that the aforementioned project was restructured and realigned with a new corporate strategy. As a result of this restructuring, the ENTERPRISE confirmed that Versa, LLC will be an additional employer of record, and some of the retained and the newly created jobs will be associated with this new entity. The ENTERPRISE has requested from the CITY to add Versa, LLC as an additional entity to the AGREEMENT. As such, an amendment to the AGREEMENT is now needed to add Versa, LLC as an additional entity to the AGREEMENT.
This legislation is requested to be considered as an emergency in order to authorize the Direc...
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