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 Trident Broad Development, LLC (and also the “Enterprise”). The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into Council-approved tax abatement agreements between the City and qualifying companies.
Trident Broad Development, LLC is owned by Trident Capital Group, which is a privately held real estate company focused on the acquisition and development of industrial properties and select secondary markets throughout the US. Since 2008, Trident Capital Group has acquired more than 14 million square feet of real estate representing over $1.2 billion within the industrial space. A real estate investment firm, Trident Capital Group is based out of Boston, Massachusetts and its managing principles are David Pizzotti and Peter Walter.
Trident Broad Development, LLC is proposing to invest a total project cost of approximately $24,367,866.00, which includes $2,469,053.00 in acquisition cost and $21,898,813.00 in real property improvements to construct an approximately 198,098 square-foot Class A proactive industrial facility (“Facility”) at 260 Taylor Station Road, Columbus, Ohio 43213, on parcel number 560-269045-00 (the “Project Site”). The Enterprise anticipates that the project will create or cause to be created twenty-five (25) net, new full-time permanent positions with an estimated new annual payroll of approximately $1,081,600.00 at the Project Site (“New Employees”).
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, or causing to be created, the New Employees.
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