Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Meritex Columbus, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Meritex Columbus, LLC plans to construct a 52,800 square foot facility at 1901 Dividend Dr. Columbus to accommodate expansion. The project will include an investment of $2.3 million and the creation of 60 (sixty) new full-time jobs. Meritex is a national real estate investment company that offers industrial space solutions for businesses. The principle parties are Harry G. McNelly, III-CEO and President; Tom Hotovec-Chief Financial Officer; Dan Williams-Chief Investment Officer; and Arvid Povilaitis -Chief Operating Officer.
The Department of Development recommends a 65%/7 year tax abatement on real property improvements. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Hilliard School District has been advised of this project.
FISCAL IMPACT: No funding is required by this legislation.
Title
To authorize the Director of Development to enter into an agreement with Meritex Columbus, LLC for a tax abatement of 65% for a period of seven years in consideration of a proposed $2.3 million investment in real property improvements and the creation of 60 new jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio Enterprise law, by letter dated June 12, 1985; and
WHEREAS, Meritex Columbus, LLC plans to construct a 52,800 square foot facility to accommodate expansion; and
WHEREAS, the expansion will add approximately $2.3 million in investment within the City; and
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