Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the existing Enterprise Zone Agreement (EZA) with Value City Department Stores, Inc. and Northland Associates LLC and the Jobs Creation Tax Credit Agreement (JCTCA) with Value City Department Stores, Inc. Columbus City Council approved an EZA and a JCTCA by Ordinance No. 2237-2003 on October 6, 2003. The legislation authorized the Director of Development to enter into an EZA with Value City Department Stores Inc. and Northland Associates LLC for a tax abatement of seventy-five (75%) for a period of 10 (ten) years on real property improvements and personal property as well as a Jobs Creation Tax Credit of sixty percent (60%) for a period of 15 (fifteen) years with Value City Department Stores Inc. in consideration of a proposed $19.5 million investment, the retention of 548 (five hundred forty eight) full-time jobs and the creation of 110 (one hundred and ten) new full-time positions. The need exists to amend the agreements to reflect a corporate reorganization in which Retail Ventures, Inc. is the new parent holding company for three of its subsidiaries including Value City Department Stores, Inc., Shonac Corporation and Retail Ventures Services, Inc. Combined, they will own the personal property at the project site. The Enterprise Zone Agreement and Jobs Creation Tax Credit Agreement should be amended to reflect the new parent holding company as Retail Ventures Inc. and its wholly owned subsidiaries.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the existing Enterprise Zone Agreement (EZA) and Jobs Creation Tax Credit Agreement (JCTCA) with Value City Department Stores, Inc. and Northland Associates, LLC. to reflect the new parent holding company now known as Retail Ventures, Inc. and three of its subsidiaries including Value City Department Stores, Inc., Shonac Corporation and Ret...
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