Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Agler Joint Venture, LLC. The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code requires the City to enter into Council-approved agreements between the City and participating companies.
Agler Joint Venture, LLC is a partnership that includes members of Fed One who will serve as the general contractor for the site. Fed One, established in 1993, is a full-service general contractor and real estate developer. Over the past 20 years, Fed One has constructed nearly 13 million square feet of industrial space. They specialize in large manufacturing facilities and big box warehouses.
Agler Joint Venture, LLC proposes to invest a total project cost of approximately $13,500,000 in real property improvements to construct an approximately 240,000 square-foot speculative industrial building at 3101 Agler Road, Columbus, Ohio 43218, parcel numbers 010-103721, 010-108654, 010-137514, 010-137519, 010-137520, and 010-137521 (“Project Site”). Additionally, the company will create 15 net new full-time permanent positions with an estimated annual payroll of approximately $750,000 at the proposed Project Site. It should be noted that the parcels comprising the Project Site are presently owned by SV Inc.; Agler Joint Venture, LLC will need to acquire ownership of these parcels prior to entering into an Enterprise Zone Agreement.
The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.
The City of Columbus School District has been advised of this project.
FISCAL IMPACT:
No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Agler Joint Venture, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the company’s proposed capital investment of ...
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