Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 2965-2021, passed November 22, 2021, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Buckeye XO LLC (“ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of approximately $29,900,000.00 in real property improvements to construct a proactive industrial distribution and warehouse facility consisting of approximately 498,960 square-feet (Building 1C) on undeveloped land at 4882 Trabue Road, Columbus, Ohio 43228, Parcel Number 560-154558 (the “ORIGINAL PARCEL”), within the City of Columbus and within the City of Columbus Enterprise Zone (the “PROJECT SITE”). Additionally, the ENTERPRISE committed to create or cause to be created sixty two (62) net new full-time permanent positions with an associated annual payroll of approximately $1,934,400.00 at the PROJECT SITE. The AGREEMENT was made and entered into effective February 7, 2022 with the PROJECT expected to begin approximately August 2022, with all real property improvements expected to be completed approximately by October 2023 and with the abatement to commence no later than 2024 nor extend beyond 2033 (Agreement No. 023-22-03).
As of this date, the company has not yet received any foregone tax benefits because it has not filed Form DTE-24 with the Franklin County Auditor’s Office, and the Ohio Department of Taxation has not issued a Final Determination.
Subsequently, in a letter dated August 26, 2026, submitted by Xebec on behalf of the ENTERPRISE and confirmed through ensuing correspondence, the CITY was notified of project delays. Although the ENTERPRISE initially intended to break ground immediately following tax abatement approval, a combination of adverse market conditions and unforeseen site complications disrupted the original timeline. Specifi...
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