Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 2948-2021, passed May 9, 2022, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Pinchal & Company LLC (“ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of approximately $16,077,439.00, which included $871,719.00 in acquisition costs, $869,720.00 in leasehold improvements and $14,336,000.00 in real property improvements to construct a proactive industrial distribution and warehouse facility consisting of approximately 286,720 square-feet on undeveloped land containing approximately 182 +/- acres south of State Route 317 on Lockbourne Road, Columbus, Ohio 43137, Parcel Number 495-263119 (the “ORIGINAL PARCEL”), building #4, legislated as Pinchal & Company LLC Building 1 within the City of Columbus and within the City of Columbus Enterprise Zone (the “PROJECT SITE”). Additionally, the ENTERPRISE committed to create thirty-five (35) net new full-time permanent positions with an associated annual payroll of approximately $1,092,000.00 at the PROJECT SITE. The AGREEMENT was made and entered into effective August 15, 2022 with the PROJECT expected to begin approximately August 2022, with all real property improvements expected to be completed approximately by December 2023 and with the abatement to commence no later than 2024 nor extend beyond 2033 (Agreement No. 023-22-18).
Paragraph fourteen within Section 8 (Program Compliance) of the AGREEMENT states that the “AGREEMENT is not transferable or assignable without the express, written, approval of the CITY” and paragraph fifteen of that same section states that “any requested amendment…to any of the terms of the AGREEMENT…shall require the payment to the CITY by the ENTERPRISE of an AMENDMENT FEE in the amount of five-hundred dollars ($500.00).”
Subsequentl...
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