Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with TCG Corrina Owner I, LLC (the “Enterprise”). The Ohio Enterprise Zone Law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreement between the City and qualifying companies.
TCG Corrina Owner I, LLC is a single purpose entity formed to purchase, sell and develop real estate transactions. The company is a wholly owned subsidiary of Trident Capital Group. Founded in 2008, Trident Capital Group focuses on well-located industrial real estate throughout the Midwest, South, and Southeast, leveraging strong relationships to deliver outsized returns for their investors. Headquartered in Boston, MA, since its inception the company has closed on over 81 industrial buildings totaling over 14.8 million square feet nationwide.
TCG Corrina Owner I, LLC is proposing to invest a project cost of approximately $21,020,278.00 in real property improvements to construct a new proactive industrial facility consisting of approximately 191,077 square feet on the former Lucent Technologies site that contains approximately 10.82 +/- acres of undeveloped land located at 109 Corinna Dr. Columbus, OH 43213, Parcel No. 520-329961 (the “Project Site”). Additionally, TCG Corrina Owner I, LLC proposes to create or cause to be created twenty-five (25) net new full-time permanent positions with an estimated annual payroll of approximately $1,081,600.00 (“New Employees”) at the proposed Project Site.
The Director of the Department of Development is recommending that City Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of it creating the New Employees.
The Gahanna-Jefferson City School District and the Eastland-Fairfield Career & Technical Schools District have...
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