Explanation
BACKGROUND: Community Reinvestment Areas have been designated by Columbus City Council under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth.
The Columbus City Council by Resolution 38X-94 created the Old State Road Community Reinvestment Area (Old State Road CRA). The Old State Road CRA was amended by Resolution 0145X-2007 to increase the size of the Old State Road CRA and to increase the incentive level not to exceed 100% abatement for 15 years.
Polaris 8900, LLC desires to invest $13,000,000 to construct a speculative office building that will contain approximately 150,000 square feet of leasable office space. The Landowner estimates this location will employ 150 full-time employees with an average wage of $61,173, with a resulting payroll of $9,175,950.
The Department of Development recommends a Community Reinvestment Area tax abatement of 100% for a period of 15 taxable years on real property improvements.
The Olentangy Local Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Community Reinvestment Area Agreement with Polaris 8900, LLC for a tax abatement of one hundred percent (100%) for a period of fifteen (15) years in consideration of a proposed $13 million investment. (AMENDED BY ORD. 0897-2012 PASSED 4/30/2012)
Body
WHEREAS, the Columbus City Council authorized the Department of Development to implement a Community Reinvestment Area Program by its Ordinance 1698-78, passed August 3, 1978, pursuant to Section 3735.65 ti 3735.70 of the Ohio Revised Code and approved certain administrative procedures for the program; and
WHEREAS, the Columbus City Council by Resolution 38X-94 created the Old State Road Community Reinvestment Area (Old State Road CRA); and
WHEREAS...
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