Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 0912-2020, passed May 18, 2020, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with The Gravity Project 2, dba Kaufman Development (the “ENTERPRISE”) for a tax abatement of seventy five percent (75%) for a period of ten (10) years in consideration of a proposed total capital investment of approximately $194,500,000.00, which included $7,500,000.00 in acquisition cost, $165,000,000.00 in real property improvements and approximately $22,000,000.00 in a new parking structure to redevelop approximately five (5) acres near the corner of W. Broad Street and McDowell Street in East Franklinton located at 451 and 455 W. Broad Street, Columbus, Ohio, (the "PROJECT SITE"), parcel number 010-039621 (the “ORIGINAL PARCEL”). The proposed mixed-use development consists of a new 6-story Class A commercial office facility consisting of approximately 184,189 square feet, a 12-story residential building comprised of approximately 218,796 square feet, with ground floor Class A office space consisting of approximately 22,622 square feet, a 5-story residential mid-rise building consisting of approximately 81,340 square feet, a 5-story residential building consisting of approximately 24,461 square feet of residential townhomes and flat apartment units and renovation of a 1-story retail building consisting of approximately 4,600 square feet. Additionally, there is a new parking structure of approximately 293,000 square feet containing approximately 889 parking spaces (of which, 200 of those parking spaces are targeted for public use).
The "PROJECT" as related to the AGREEMENT consisted of the development of approximately 184,189 square-foot 6-story Class A commercial office facility and the ground floor Class A office space comprising of approximately 22,622 square feet located in the residential building as it relates to the aforementioned project. The E...
Click here for full text