Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the existing Enterprise Zone Agreement (EZA) with Liberty Place, LLC. Columbus City Council approved an EZA by Ordinance Number 1368-04 on July 19, 2004. 1368-04 authorized the Director of Development to enter into a seventy five percent (75%) ten (10) year Enterprise Zone Agreement with Liberty Place, LLC in consideration of a real and personal property investment of thirty five million and the creation of eight to ten full time jobs. Liberty Place, LLC is a project that includes the construction of Liberty Place, a 314-unit rental residential project. The site is the former Capitol Manufacturing plant located immediately adjacent to I-70 in the Brewery District. In 2001, the site was purchased by Winther Investment, Inc. (Winther), a Houston-based development company with a track record of constructing residential projects on urban in fill sites. In June 2001, Columbus City Council, by Ordinance Number 1002-01, approved a tax incentive of sixty-five percent (65%) for ten (10) years on real property improvements under the Ohio Voluntary Action Program (VAP) for clean-up of brownfield sites. Columbus City Council subsequently amended this ordinance in November 2001 by Ordinance Number 1901-01 to reflect Liberty Place, LLC, as the successor to Winther as the developer of the project. Ordinance Number 1002-01, passed June 18, 2001 and Ordinance Number 1901-01, passed November 19, 2001 was repealed on July 19, 2004 by Ordinance Number 1368-04 for the purpose of authorizing the Director of Development to enter into an agreement with Liberty Place, LLC for a tax abatement of seventy-five percent (75%) for ten (10) years on real property improvements and personal property in consideration of an investment of $35.8 million and the creation of eight to ten full time jobs. The repeal was granted because the project was delayed due to unforeseen infrastructure issues and the uncertai...
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