Explanation
BACKGROUND: Columbus City Council (Council), by Ordinance 1661-2000, passed July 10, 2000, authorized the City of Columbus (City) to enter into an Community Reinvestment Area (CRA) Agreement (the Agreement) with Schmidt Development LLC (Enterprise) for a tax abatement of fifty percent (50%) for a period of ten (10) years in consideration of an approximately $20,000,000 total investment in real property improvements over a five year period beginning August 2000 (the Project), the employment of between 275 to 300 people with the first phase of the project to retain 65 jobs with an associated payroll of approximately $3,300,000 related to new construction and renovation of approximately 100,000 square feet of commercial space in seven buildings within the South Washington CRA (aka Market Exchange District), CRA No. 049-00960-01, in Columbus, Ohio. No exemption was to commence before tax year 2001 nor extend beyond tax year 2011. The Agreement was made and entered into to be effective September 27, 2000 (Agreement No. 00-001).
This Agreement was subsequently authorized by Council to be amended for the first time to (1) reduce the amount of real property improvement investment from approximately $20,000,000 over a five year period beginning August 2000 to an investment of approximately $13,466,000 over that same time frame, (2) change the employment obligation from the employment of between 275 to 300 people with the first phase of the project to retain 65 jobs with an associated payroll of approximately $3,300,000, to the project retaining approximately 210 jobs and creating approximately 65 new jobs with an annual new job payroll of approximately $3,300,000, (3) adding that the jobs located in the 515 East Main Street facility may be counted towards satisfying the job requirements of the Agreement, but only to the extent that the number of jobs at 515 East Main Street exceeds what is needed for 100% compliance with the 515 Partners, LLC Enterprise ...
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