Explanation
BACKGROUND: The Columbus City Council by its Ordinance No. 0427-03, passed on March 31, 2003, designated the area known as the North Enterprise Zone as an "urban jobs and enterprise zone" and declared that incentives for businesses offered by that zone will enhance efforts to promote the viable and diverse economic activity necessary for rejuvenation of the zone.
Pursuant to Columbus City Council Ordinance No. 1369-2006 passed August 2, 2006, ADS Alliance Data Systems, Inc., ADS Place Phase I, LLC, and the City of Columbus entered into an Enterprise Zone Agreement on October 25, 2006, providing for the construction by ADS Place Phase I, LLC of a 200,000 square foot facility with related site improvements within the North Enterprise Zone for occupancy by Alliance Data Systems, Inc., and that facility and those improvements are substantially completed.
With the construction of the building now substantially completed and the obligations of ADS Place Phase I, LLC under the Enterprise Zone Agreement now satisfied, ADS Place Phase I, LLC now desires to sell that building to NRFC Easton Holdings, LLC which will succeed to all interests and obligations of ADS Place Phase I, LLC under the Enterprise Zone Agreement. The attached ordinance authorizes that sale and transfer and an Assignment and Assumption Agreement with the City under which NRFC Easton Holdings, LLC will succeed to ADS Place Phase I, LLC under the Enterprise Zone Agreement as to the property it is acquiring.
Emergency action is necessary to facilitate transaction timing.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the assignment of an Enterprise Zone Agreement by ADS Place Phase I, LLC; and to declare an emergency.
Body
WHEREAS, pursuant to Ohio Revised Code ("ORC") Chapter 5709, this Council, by Ordinance No. 0427-03 passed on March 31, 2003, designated the area known as the North Enterprise Zone as an "urban jobs and ente...
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