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 TCG Corrina Owner II, 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.
TCG Corrina Owner II, LLC is a single purpose entity formed to purchase and develop this proposed project and is wholly owned by Trident Capital Group. Founded in 2008, Trident Capital Group focuses on well-located industrial real estate throughout the Midwest, South, and Southeast, leveraging strong relationships to deliver outsized returns for their investors. Headquartered in Boston, MA, since its inception, the company has closed on over 81 industrial buildings totaling over 14.8 million square feet nationwide.
TCG Corrina Owner II, LLC is proposing to invest a total project cost of approximately $21,000,000.00 in real property improvements to redevelop a vacant land parcel of approximately 16.51+/- acres and constructing a new proactive industrial facility consisting of approximately 177,338 square feet at 240 - 242 Corrina Drive, Columbus, OH 43213, Parcel No. 520-269045 (the “Project Site”). Additionally, TCG Corrina Owner II, LLC proposes to create twenty-three (23) net new full-time permanent positions with an estimated annual payroll of approximately $998,400.00 (“New Employees”) at the proposed Project Site.
Contingent on the successful sale and transfer ownership, 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 creating the New Employees.
The Columbus-Gahanna Jefferson City School District and Eastland-Fairfield Career & Technical Schools have been advised of this project....
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