Explanation
BACKGROUND: Columbus City Council, by Ordinance 1399-2004, passed December 15, 2004, authorized the City of Columbus to enter into an Enterprise Zone Agreement (the Agreement) with Gideon Development Partners, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed total investment of approximately $6,235,000 and the creation of 3 new full-time positions with an associated annual payroll of approximately $62,400 related to the construction of a new 56,000 square foot commercial building at the gateway to the King Lincoln District at 738 East Long Street, Columbus, Ohio 43203, parcel number 010-275673, within the City of Columbus Enterprise Zone (Zone #023) and within the Columbus City School District. The Agreement was made and entered into to be effective October 21, 2005 (EZA #023-05-10).
This Agreement was subsequently authorized by Council to be amended for the first time to add King Lincoln Gateway, LLC as a party to the Agreement by Ordinance 1600-2006, passed October 4, 2006; and that this Agreement was subsequently authorized by Council to again be amended to remove any and all language pertaining to personal property investment and tax abatements related to this personal property investment from the Agreement by Ordinance 0614-2009, passed May 11, 2009.
A letter from King Lincoln Gateway, LLC dated November 1, 2012 and received by the City on November 5, 2012, indicated that Gideon Development Partners, LLC will no longer be part of the project and requested that Gideon Development Partners, LLC be removed as a party to the Agreement.
This legislation to again amend the Agreement is requested to be considered as an emergency in order to remove Gideon Development Partners, LLC as a party to the Agreement, leaving King Lincoln Gateway, LLC as a party to the Agreement so that the amendment might be fully executed prior to the end of calendar year 2012 and all reporting agencies ...
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