Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with Pizzuti Stelzer LLC (the “Enterprise”). The Ohio Enterprise Zone Law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreements between the City and qualifying companies.
Pizzuti Stelzer LLC is a single purpose entity formed to purchase, sale and develop real estate. The newly created entity is a subsidiary of and is owned by The Pizzuti Companies (“Pizzuti”). Pizzuti is headquartered in Columbus, Ohio with offices in Chicago and Nashville. The company was founded in 1976 by its Chairman, Ron Pizzuti, and specializes in real estate development, marketing, and management. Family-owned and operated for nearly five decades, Pizzuti moves companies and neighborhoods forward by creating environments that balance function and form. Over the course of nearly fifty years, the Pizzuti team has developed more than 100 million square feet of real estate across property type, industry, and sector.
Pizzuti Stelzer LLC is proposing to invest a total project cost of approximately $25,000,000.00, which includes $22,000,000.00 in real property improvements and $3,000,000.00 in acquisition cost to construct a new proactive development industrial facility consisting of approximately 180,000 square feet located at 2051 Stelzer Rd. Columbus, OH 43219, Parcel No. 445-305594 (the “Project Site”). Additionally, Pizzuti Stelzer LLC proposes to create or cause to be created eighteen (18) net new full-time permanent positions with an estimated annual payroll of approximately $748,800.00 (“New Employees”) at the proposed Project Site.
The Director of the Department of Development is recommending that Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of it cr...
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