Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1482-2012, passed July 16, 2012, authorized the City of Columbus (CITY) to enter into an Enterprise Zone Agreement (the AGREEMENT) with Tower 10, LLC (hereinafter “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed investment of approximately $19.9 million in real property improvements (the “PROJECT”), the retention of 3 existing full-time jobs and the creation of 4 new permanent full-time positions with an annual payroll of approximately $125,000 related to the commercial redevelopment portion of the LeVeque Tower, that portion being 310,500 square feet of the 421,281 total square foot structure on Parcel Number 010-016539 at 50 West Broad Street, Columbus, OH 43215 (the Project Site), in Columbus, Ohio, within the City of Columbus Enterprise Zone (Zone #023) and within the Columbus City School District. The AGREEMENT was made and entered into to be effective October 16, 2012 (EZA #023-12-08); the PROJECT was expected to begin September 2012, all real property improvements were expected to be completed by October 2016 with the term of the abatement not to commence after 2017 nor extend beyond 2026.
In a letter to the CITY dated September 7, 2018, ENTERPRISE indicated that the PROJECT as described in the AGREEMENT had been completed and that ENTERPRISE would “be receiving abatements under the City’s Downtown CRA program.” It should be noted that no DTE-24 has been filed and ENTERPRISE has received no forgone tax benefit under the terms of the AGREEMENT. With the PROJECT receiving benefit under the terms of the Columbus Downtown Community Reinvestment Area there is a need to DISSOLVE this AGREEMENT between the CITY and ENTERPRISE.
This legislation is presented as an emergency measure in order for this dissolution to be legislated in the most expedient manner as possible so that this dissolution of this AGREEMENT ca...
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