Explanation
BACKGROUND: Columbus City Council, by Ordinance No. 1200-2008, passed July 14, 2008, authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement (the EZA) with NetJets Inc., its subsidiaries and affiliates and FlightSafety International, Inc. (together Enterprises) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $85 million investment in real property improvements, a $110 million investment in personal property, the retention of 1,974 jobs, and the creation of 810 permanent full-time jobs with the period commencing July 14, 2008 and terminating on that date three years after a final certificate of occupancy is issued related to an addition to an existing facility of approximately 415,000 square feet to be constructed on parcel numbers 520-164554, 520-164562, 520-164561, 010-260377, 010-254180, 010-254179, 010-283055, and 010-003380 at 4111 Bridgeway Avenue, Columbus, Ohio, 43219 and within the City of Columbus Enterprise Zone (Zone #023). The project was expected to begin on or before January, 2010 and construction was expected to be completed by February 2012. The Ordinance also authorized the Director of the Department of Development to enter into a 65%/15-year Job Creation Tax Credit (JCTC) Agreement with NetJets Inc., a 65%/15-year JCTC Agreement with FlightSafety International, Inc., a 35%/7-year Jobs Growth Incentive (JGI) Agreement with NetJets Inc., and a 35%/7-year JGI Agreement with FlightSafety International, Inc.
The EZA was made and entered into to be effective October 10, 2008 and was subsequently authorized by Council to be amended for the first time by Ordinance 0614-2009, passed on May 11, 2009, effective January 1, 2009 that eliminated any and all language from the Agreement that pertained to personal property investment.
The JCTC Agreement with NetJets Inc. was made and entered into to be effective October 8, 2008. The JGI Agreem...
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