Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1902-2015, passed July 27, 20 I 5, authorized the City of Columbus (“CITY”) to enter into an Community Reinvestment Area Agreement (the “AGREEMENT”) with N.P. Limited Partnership (“ENTERPRISE”) for a tax abatement of one-hundred percent (100%) for a period of ten (10) years in consideration of a proposed $24 million investment in real property improvements. Additionally, the ENTERPRISE committed to creating approximately 708 full-time jobs with an associated annual payroll of approximately $45,489,000.00 upon full build-out and occupancy, and committed to relocate approximately 177 employees currently employed within the CITY related to the construction of a series of buildings containing speculative office space (either primarily or as one component of mixed-use buildings) totaling approximately 177,000 square feet along with two associated 600 space parking structures (the "PROJECT") on one newly expanded parcel, 318-431-01-017-000 (recently combined from the two adjacent parcels 318-431-01-017-000 and 318-431-01-013-003), zip code 43240 in Delaware County within the City of Columbus and within the Old State Road Community Reinvestment Area (the “PROJECT SITE”). The AGREEMENT was made and entered into effective October 23, 2015 (CRA #049-00960-06/15-001) with the abatement to commence no later than tax year 2026 nor extend beyond tax year 2035.
Pursuant to Ordinance No. 1256-2016, passed May 16, 2016, the First Amendment for Assignment and Assumption to the AGREEMENT (the "FIRST AMENDMENT") was made and entered into effective on June 30, 2016 to amend the AGREEMENT to assign all of the benefits and obligations from N.P. Limited Pa1tnership to The Pointe at Polaris Phase I, LLC ("Pointe I"), and to assign certain benefits and obligations from Pointe I to the Columbus-Franklin County Finance Authority ("Finance Au...
Click here for full text