Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the existing Enterprise Zone Agreement with Gideon Development Partners, Inc. City Council authorized the Development Director to enter into an agreement with Gideon Development Partners, LLC. on December 15, 2004 by Ordinance No. 1399-2004. Gideon Development Partners, LLC is a Columbus development company that recently constructed a 56,000 square foot commercial building at the gateway to the King-Lincoln District. The project includes an investment of 6.2 million and the creation of 3 jobs.
The need exist to amend the agreement to include King Lincoln Gateway, LLC. King Lincoln Gateway, LLC is the property owner of the building created by Gideon Development, Partners, LLC. In January 2005, King Lincoln Gateway, LLC was developed as the holding company for the real property. The agreement, therefore, must be amended to include the new property owner, King Lincoln Gateway, LLC.
Emergency action is requested to avoid further delays and to allow the company to receive the benefits of the Enterprise Zone Agreement incentive as soon as possible.
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 between the City of Columbus and Gideon Development Partners, LLC to include the King Lincoln Gateway, LLC, the holding company; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Incentive with Gideon Development Partners LLC, on December 15, 2004 by Ordinance No. 1399-2004; and
WHEREAS, the Enterprise Zone Incentive provided a real property tax exemptions of 75% for 10 years to Gideon Development Partners LLC based on an investment of $$6,200,000 in real property improvements and the creation of 3 (three) full time jobs; and
WHEREAS, the Enterprise Zone Agreem...
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