Explanation
BACKGROUND:
This legislation authorizes an amendment to the City's existing Enterprise Zone Agreement (EZA) with Brooks Beverage Management, Inc. The amendment will accomplish three purposes. First, the amendment will clarify that the correct name of the enterprise is Beverage Management, Inc. and not Brooks Beverage Management, Inc. Second, the amendment will add to the EZA the new owner of the real property, DP Columbus Portfolio LP, which acquired the property in 2004. The amendment will reflect the City's consent to the assignment of the real property exemptions to DP Columbus Portfolio LP. Under the lease arrangement with DP Columbus Portfolio LP, Beverage Management, Inc. will continue to benefit from the tax exemptions consistent with the original intent of the EZA. Third, the amendment will allow the project's investment period to extend through December 31, 2004 and will clarify that the investment in machinery & equipment completed by this date is eligible for the tax exemptions and acknowledge that the eligible investment is higher than originally anticipated.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Enterprise Zone Agreement (EZA) between the City and Brooks Beverage Management, Inc. to acknowledge that the enterprise's correct name is Beverage Management, Inc.; to make the new owner of the real property a party to the EZA; to consent to the transfer and assignment of the real property exemptions to the new owner; to extend the investment period for the machinery & equipment investment to be eligible for exemptions under the EZA; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized an Enterprise Zone Agreement (EZA) with Brooks Beverage Management, Inc. on November 16, 1998 by Ordinance No. 2991-98, and subsequently authorized amendments of the EZA on June 5, 2000 by Ordinance 1...
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