City of Columbus - File #: 1916-2004

• File #: 1916-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/21/2004
• In control: Jobs and Economic Development Committee
• On agenda: 11/1/2004
• Final action: 11/4/2004
• Title: To authorize the Director of the Department of Development to amend the Weiler-Bowen/City Park Place Enterprise Zone Agreement to reduce the rate of exemption on the real property from 100% to 50% for 2004, one year earlier than originally scheduled. The original abatement scheduled was 100% for 2000-2004 and 50% through 2005-2009; and to declare an emergency.

Date	Ver.	Action By	Action	Result
11/4/2004	1	ACTING CITY CLERK	Attest
11/3/2004	1	MAYOR	Signed
11/1/2004	1	Columbus City Council	Approved	Pass
11/1/2004	1	COUNCIL PRESIDENT	Signed
10/28/2004	1	Dev Drafter	Sent to Clerk's Office for Council
10/27/2004	1	City Clerk's Office	Sent back for Clarification/Correction
10/25/2004	1	Dev Drafter	Sent for Approval
10/25/2004	1	CITY ATTORNEY	Reviewed and Approved
10/25/2004	1	Dev Drafter	Sent to Clerk's Office for Council
10/22/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
10/21/2004	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: This legislation authorizes the Director of Development to amend the existing Weiler-Bowen/City Park Place Enterprise Zone Agreement (EZA). Columbus City Council approved the EZA by Ordinance No. 2329-97, adopted September 29, 1997 and amended as approved by Ordinance 2707-2003 December 8th, 2003. The project is located at 79 E. Thurman Avenue near the intersection with City Park Avenue. The property owner, Weiler-Bowen Ltd., proposed to renovate/restore two derelict industrial/commercial structures into 54,000 square feet of Class A office space. The tax abatement would allow lease rates in the renovated structure to be competitive with office space in suburban areas, where development typically enjoys a cost advantage.

On August 11, 2004 the TIRC recommended to reduce the rate of exemption on the real property from 100% to 50% for 2004, one year earlier than originally scheduled. The original abatement scheduled was 100% for 2000-2004 and 50% through 2005-2009. The TIRC's recommendation would result in the following abatement schedule; 100% in 2000-2003 and 50% in 2004-2009.

The reason for the TIRC's recommendation is because of lack of attainment in the personal property investment. The City concurs with the TIRC's recommendation.

This legislation is presented as an emergency measure in order to meet the new deadline under State law for City Council vote on TIRC recommendations.

FISCAL IMPACT: No funding is required for this legislation.
Title

To authorize the Director of the Department of Development to amend the Weiler-Bowen/City Park Place Enterprise Zone Agreement to reduce the rate of exemption on the real property from 100% to 50% for 2004, one year earlier than originally scheduled. The original abatement scheduled was 100% for 2000-2004 and 50% through 2005-2009; and to declare an emergency.

Body

WHEREAS, the Columbus City Council approved the Weiler-Bowen/City Park Place Enterprise Zone Agree...