Explanation
BACKGROUND: The need exists to amend Ordinance No. 1431-2024, passed by Columbus City Council (“Council) on June 3, 2024, which authorized the Director of the Department of Development to amend the Community Reinvestment Area Agreement (the “AGREEMENT” or “CRA Agreement”) between the City of Columbus (CITY) and Big Lots Management, LLC (the “Enterprise”). An amendment is now required to revise the associated contributors to the job creation and payroll commitments as set forth in the CRA Agreement.
Columbus City Council (COUNCIL), by Ordinance 1775-2016, passed July 18, 2016 authorized the City of Columbus (CITY) to enter into a Community Reinvestment Area Agreement (the “AGREEMENT”) with The Hamilton Crossing LC LLC & Big Lots, Inc. to grant a tax abatement of one-hundred percent (100%) for a period of ten (10) years in consideration of a proposed investment of approximately $30,000,000.00 to $45,000,000.00 investment in new building construction, the retention and relocation of approximately seven hundred fifty (750) existing full-time permanent positions with an associated payroll of $65,000,000.00, and the creation of five (5) new full-time positions with an associated annual payroll of approximately $362,500 related to the construction of a new approximately 300,000 square-foot facility and one or more associated parking structures to be used as the corporate headquarters facility for BIG LOTS (the “PROJECT”) at the southwest quadrant of State Route 161 and Hamilton Road on parcel number 010- 221377, Columbus, Ohio 43081 and within the Hamilton-161 Community Reinvestment Area (the “PROJECT SITE”).
The First Amendment for Assignment and Assumption to the AGREEMENT (the “FIRST AMENDMENT”) was made and entered into effective on November 3, 2016. Pursuant Section 22 (Transfer and/or Assignment) of the AGREEMENT (“SECTION 22”) it states that “The ENTERPRISE shall have the express authority to assign this AGREEMENT in whole or in part to (i) any e...
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