Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Mission XC LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Mission XC LLC provides real estate investment opportunities in industrial assets to institutional and private wealth investors through the acquisition, development, redevelopment and management of institutional-quality bulk logistics, infill/last-mile and light industrial properties located in top-tier markets in the U.S. Since inception, Mission XC LLC has acquired and developed, redeveloped or repositioned industrial real estate projects totaling nearly 11 million square feet, including 1.3 million square feet currently in various stages of development, and is a joint venture partner in planned logistics projects totaling over 12 million square feet. From infill industrial development in Los Angeles in the 1980s to land development and vertical construction as part of the global supply chain, Mission XC LLC continues to build upon its legacy of value creation.
Mission XC LLC is proposing to invest a total project cost of approximately $10,300,000, including $9,500,000 in real property improvements to construct a speculative industrial building consisting of approximately 231,664 sq. ft. located at 1260 London Groveport Road, Columbus, Ohio, parcel number 495-232636 (“Project Site”). The company anticipates that the development of the proposed project will lead to the creation of 10 net new full-time permanent positions with an estimated new annual payroll of approximately $353,600 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District has been advised of this project. This legislation is presented as 30-day legislation.
FISCAL IMPACT: No Funding is required for this leg...
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