Explanation
BACKGROUND: Columbus City Council (Council), by Ordinance 1313-2000, passed June 12, 2000, authorized the City of Columbus (City) to enter into an Enterprise Zone Agreement (the Agreement) with Colpark Associates, L.P. (Enterprise) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of $5,600,000 in real property investment to rehabilitate and redevelop the Old Jeffrey Mining site located at 274 East First Avenue. The office and manufacturing buildings located at the site were to be redeveloped into approximately 200,000 square feet of Class A office space. As part of this project, Sixth Street was to be extended between First Avenue and Second Avenue, creating an East Development east of the proposed extension and a West Development west of the proposed extension. The cost of this extension was to be divided between Enterprise and the City. Within the East Development, tenant State of Ohio Library was to relocate 160 employees and tenant GTE was to create 10 new full-time jobs. Within the West Development, unidentified future tenants were to either create or relocate 380 full-time jobs. Total jobs to be either relocated or created within two years of the execution of the Agreement were to be 550 with an associated payroll of $1,875,000. No exemption or credit was to commence prior to tax year 2001 nor to extend beyond tax year 2010. The Agreement was made and entered into to be effective June 13, 2000 (EZA# 023-00-09).
This Agreement was subsequently authorized by Council to be amended for the first time to modify the scope of the project to be limited to the East Development, reducing the number of jobs from the tenant State of Ohio Library to be relocated from 160 to 84 and the jobs from additional tenants to be reduced from 380 to 39, for a total of new or relocated jobs to be 123 by Ordinance 1140-2003, passed February 10, 2003, entered into and effective June 25, 2003; and that this Agree...
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