Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with Jetway Flex, LLC (the “Enterprise”). The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreements between the City and qualifying companies.
Founded in 2021 and based in Columbus, OH, Pioneer Development specializes in acquisition, development, leasing, and management of light and flex industrial properties in strategically selected sub-markets within the Columbus Region. By leveraging market trends, local economic drivers, and industry-specific demands, Pioneer Development provides high-quality, efficient, and adaptable industrial spaces that cater to the evolving needs of growing businesses. To date, Pioneer Development has developed over 400,000 square feet of light industrial product in Marysville, Plain City, Grove City, and Delaware.
Jetway Flex, LLC is proposing to invest a total project cost of approximately $10,298,498.00 in real property improvements to construct two (2) multi-tenant flex/warehouses that will consist of a 28,130 square foot and a 46,500 square foot proactive industrial facilities located at 1905 and 1931 Jetway Blvd. Columbus, OH 43219, parcel number 010-255956 (the “Project Site”). Additionally, Jetway Flex, LLC proposes to create twelve (12) net new full-time permanent positions with an estimated annual payroll of approximately $600,000.00 (“New Employees”) at the proposed Project Site.
The Director of the Department of Development is recommending that Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of it creating the New Employees.
The Columbus City School District has been advised of this project.
This legislation is presented as 30-day legislation.
FISCAL IMPACT:
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