Explanation
BACKGROUND: The 2008 Columbus Tax Incentive Review Council (TIRC) reviewed the Skybus Enterprise Zone project on August 19, 2008, and recommended that the City should consider dissolving the Enterprise Zone Agreement (EZA# 023-07-01) between the City and Skybus Airlines, Inc. (Enterprise), and 4300 Venture 34910 LLC and 4300 Venture 6729 LLC (Landlords). The City concurs with the recommendation of the TIRC.
Columbus City Council approved the Enterprise Zone Agreement (EZA) by Ordinance No. 1943-2006, adopted November 6, 2006. The EZA was entered into effective March 21, 2007 and granted a 75%/10-Year abatement on real property improvements to the Landlords and a 75% abatement on personal property investment (Machinery & Equipment, Furniture & Fixtures, Stand-Alone Computers, and Inventory) for the remaining years of the personal property tax being levied, with a commitment of $1.4M in real property improvements, $8M in Machinery & Equipment investment, $3.5M in Furniture & Fixture investment, $7M for Inventory investment and the creation of 886 new permanent full-time jobs related to the renovation of approximately 20,000 square feet for office space at 4300 E. Fifth Avenue, parcel number 010-268722, and 80,000 square feet of an airplane hanger at 4108 E. Fifth Avenue, parcel number 010-268723, within the Columbus Enterprise Zone.
Additionally, the City of Columbus entered into a 65%/12-Year Jobs Creation Tax Credit (JCTC) Agreement with Skybus Airlines, Inc. (Enterprise) effective March 21, 2007, approved by Ordinance No. 1943-2006, adopted November 6, 2006.
Additionally, the City of Columbus entered into a 50%/7-Year Jobs Growth Incentive (JGI) Agreement with Skybus Airlines, Inc. (Enterprise) effective March 21, 2007, approved by Ordinance No. 1943-2006, adopted November 6, 2006.
As of the TIRC review on August 19, 2008, Landlords had exceeded their real property investment goal with a reported $1.9M investment; Enterprise had repo...
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