Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance 1775-2016, passed July 18, 2016 authorized the City of Columbus (CITY) to enter into a City of Columbus Community Reinvestment Area Agreement (the “CRA Agreement”) with Hamilton Crossing BL LLC (“Hamilton Crossing”) and Big Lots, Inc. (“Big Lots”) to grant a tax abatement of one-hundred percent (100%) for a period of ten (10) years in consideration of a proposed investment of approximately $30,000,000.00 to $45,000,000.00 related to the construction of a new approximately 300,000 square-foot facility and one or more associated parking structures to be used as the corporate headquarters facility for Big Lots (the “PROJECT”) at the southwest quadrant of State Route 161 and Hamilton Road on parcel number 010- 221377 (the “ORIGINAL PARCEL”), Columbus, Ohio 43081 and within the Hamilton-161 Community Reinvestment Area (the “Project Site”). Additionally, the company committed to retain and relocate approximately seven hundred fifty (750) existing full-time permanent positions with an associated payroll of $65,000,000.00, and create five (5) net new full-time permanent positions with an associated annual payroll of approximately $362,500.00 at the proposed Project Site. The CRA Agreement was made and entered into effective August 22, 2016 with the Project expected to begin approximately October 1, 2016, and with the abatement to commence no later than 2020 nor extend beyond tax year 2029.
Pursuant to Section 22 (Transfer and/or Assignment) of the CRA Agreement, the “ENTERPRISE shall have the express authority to assign this AGREEMENT in whole or in part to (i) any entity within BIG LOTS GROUP or (ii) the Columbus-Franklin County Finance Authority…” (“Finance Authority”) and “in the same manner, each assignee also shall have the express authority to wholly or partially assign this AGREEMENT to any of the foregoing.” After any assignment, the assignee shall provide prompt written notice to the CITY. ...
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