Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Meritex Enterprises, Inc. dba Meritex Columbus, LLC. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into a Council-approved agreement between the City and participating companies.
Meritex Enterprises, Inc., parent company of Meritex Columbus, LLC is a privately held company founded in 1916 by Harry McNeely, Sr. Meritex Enterprises, Inc. is a real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, and multi-tenant industrial properties. The company owns, leases and manages over 11 million square feet of commercial real estate in eight (8) markets in the United States. The company began in a single warehouse in Saint Paul, Minnesota, and over the years has earned its reputation for integrity, creativity and outstanding customer service. The company has been a significant owner of industrial space in Columbus, Ohio since 2000. At present, within the Columbus metro area, Meritex owns 13 properties totaling over 1,600,000 square feet. These multi-tenant office/warehouse facilities service over 65 tenants with businesses ranging from conventional warehousing to high tech assembly. Meritex’s tenants employ over 960 employees who live and work in the Columbus metropolitan area.
Meritex Enterprises, Inc. is proposing to expand its portfolio by constructing a 250,000 square foot speculative office/warehouse facility that will either house one (1) single user or it could house as many as four (4) 62,000 square feet users on a 16-acre site located at the Southeast corner of Spiegel Drive and Adelaide Court, Columbus, Ohio, parcel number 495-232645 in the Alum Creek/Rickenbacker corridor. The proposed project will involve a total investment of approximately $10.34 million in new construction. The company anticipates that the construction o...
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