Explanation
BACKGROUND: Community Reinvestment Areas have been designated by Columbus City Council under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth.
The Columbus City Council by Resolution 0110X-2007, adopted on July 16, 2007, created the Easton Square Place Community Reinvestment Area (the "Easton Square Place CRA") to offer up to 100% for up to ten years for parcels within new non-retail business (including office) or industrial structures. This ordinance seeks to approve a 100%/10 year tax abatement for MORSO Holding Co. contingent upon certification of the Easton Square Community Reinvestment Area by the State of Ohio Department of Development.
MORSO Holding Co. desires to cause to be the constructed on land within the Easton Square Place Community Reinvestment a series of non-retail business (including office) or industrial structures and related site improvements. MORSO Holding Co. intends to convey or lease the buildings or parts thereof and the lands upon which such buildings or constructed to one or more owners, which owners (or their lessees) will be the parties equipping and occupying the Buildings and employing workers. The estimated total cost of the construction of the Project is expected to exceed $135,000,000 for construction of the buildings, which collectively are expected to create approximately 1,000,000 total square feet of office space. The commencement of construction of the project is currently expected to begin in 2009 and project completion is expected by 2027.
MORSO Holding Co. currently estimates there will be created at the Project by the year 2027 approximately 4,000 full-time equivalent employees and an estimated total annual payroll of approximately $160,000,000 upon full build-out and occupancy of the Project, or an average of approximately 200 full-time employees per year, resulting in an...
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