Explanation
BACKGROUND: This legislation authorizes the Director of Development to consent to the transfer and assignment of the Colpark & Associates, L.P. Enterprise Zone Agreement (EZA) to 274 First AGA, LLC in connection with the sale of the property. Columbus City Council approved the EZA on June 5, 2000. Columbus City Council amended the Enterprise Zone Agreement on February 10, 2003 to allow removal of a portion of the project area covered under the Enterprise Zone Agreement. The project site is located at 274 East First Avenue. Colpark & Associates, L.P., the owner of the project site, proposed to construct a 200,000 square foot facility, part of which would be occupied by the State Library of Ohio and GTE Telecommunications. The facility was completed and the abatement will run from 2002-2011. The parties agreed to invest $5,600,000 in real property improvements and were granted a 75%/10-year abatement (on real property). By the end of 2003, the investment and job retention goals had been attained. The Columbus Tax Incentive Review Council, in its 2004 review, found the project to be in compliance.
Colpark & Associates L.P., plans to sell the project site to 274 First AGA, LLC and both companies have requested City consent for the assignment and transfer of Colpark & Associates L.P.'s interests in the EZA to 274 First AGA, LLC contingent upon the sell of the property to 274 First AGA, LLC. 274 First AGA, LLC has reviewed the EZA, has stated in writing that it will assume all the obligations of Colpark & Associates L.P. under the EZA. 274 First AGA, LLC is a newly formed single asset entity. The principals of the limited liability corporation are Lawrence F. Gunsorek, Jason Gunsorek and Randall Ward.
This legislation is presented as an emergency measure so that the tax abatement can transfer to 274 First AGA, LLC, contingent upon the sell of the property to the entity, which will provide incentive for 274 First AGA, LLC to see that p...
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