Explanation
BACKGROUND: Columbus City Council, by Ordinance 0694-2010, passed May 24, 2010, authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement (Agreement) with Metro City Ventures, LLC and Southwestern Acquisitions, LLC (together hereinafter “Enterprise”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of an investment of $1.59 million in real property improvements with the Agreement being made and entered into to be effective June 30, 2010 (EZA #023-10-05) with the term of the abatement not to commence after 2012 nor extend beyond 2021. The actual term of the abatement is from 2011 to 2020. The Agreement committed Enterprise to invest approximately $1.1 million in real property improvements and to create at least 49 new full-time permanent positions to result in approximately $1.96 million of annual payroll related to the renovation of part of the first floor and all of the fourth and fifth floors of a 5-story commercial building, such area consisting of approximately 21,300 square feet of space on Parcel Numbers 010-004994 and 010-004995 located at 45 North Fourth Street (the Project Site) in Columbus, Ohio, within the City of Columbus Enterprise Zone (Zone #023) and within the Columbus City School
District the Enterprise be sent a “30-Day or Dissolve” letter requesting (1) full reporting and compliance (real estate investment and taxes paid and forgone information and (2) a proposal to redefine the scope of the project as per the Agreement following the exit of Southwestern Acquisition, LLC. If there was no response within 30 days the Agreement should be dissolved. If Enterprise was compliant with the request, then the proposal should be evaluated and the Agreement should either be amended or dissolved.
Enterprise was not compliant with the TIRC recommendation. With the 2013 annual reporting cycle beginning January 2014, Enterprise was extended one final oppor...
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