Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with McDaniel’s Construction Corp., Inc. and DE Development, Ltd. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Incorporated in 1985, McDaniel's Construction Corp., Inc. (“McDaniel’s Construction”) is an equipment-intensive heavy infrastructure contractor that undertakes construction projects of various sizes and types. The main lines of business of McDaniel’s Construction include: General Contractors, M.W.B.E.-General Contractors, M.W.B.E.-Paving & Road Construction, Pavement Treatments, Coatings & Sealants, and Paving Contractors. The company's customers are comprised of governmental agencies, corporations, municipalities, general contractors and the private sector. DE Development, Ltd. is a real estate holding company owned by Dan Moncrief and Eric Girard, the Chairman/CEO and President of McDaniel’s Construction, respectively.
McDaniel’s Construction and DE Development, Ltd. are proposing to invest a total project cost of approximately $1,000,000, which includes $800,000 in real property improvements and $200,000 in furniture and fixtures to construct a new corporate headquarters (HQ) consisting of approximately 6,000 square feet located at 1069 Woodland Avenue, Columbus, Ohio, 43219, parcel number 010-019804 (the “Project Site”). McDaniel’s Construction will be the tenant and employer of record, and enter into a long-term lease agreement with DE Development, Ltd., the owner of the property. Additionally, the company will retain 11 full-time jobs with an annual payroll of approximately $1.42 million and create 2 net new full-time permanent positions with an estimated annual payroll of approximately $100,000 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
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