Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with High Street 2008, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
High Street 2008, LLC is a developer of office and commercial properties. The principal of the LLC manages in excess of 25 commercial buildings in 5 Ohio cities with superior rated tenancies. The high standards for tenant acceptability assure the same standards for occupancy in the High Street project. The goal of High Street 2008, LLC is to attract quality office and/or commercial tenants with high paying positions to the downtown area and continue the revitalization of the core of the City.
High Street 2008, LLC is proposing to renovate the interior and exterior of the vacant building at 45 N. High Street. The vacant property previously occupied by Arby's is located in the "Mile on High District".
High Street 2008, LLC is requesting an Enterprise Zone abatement from the City of Columbus to assist in the development of this project. The Department of Development recommends a 75%/10 year tax abatement on real property improvements. The proposal is consistent with Columbus Tax Incentive Policy under Central City projects. The Columbus Public School District has been advised of this project.
Emergency action is requested of City Council in order to facilitate a project start date.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with High Street 2008, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $1,250,000 investment in real property and the creation of 7 (seven) full-time permanent jobs; and to declare an emergency. (AMENDED BY ORD. 1510-2009 PASSED 11/16/2009)
Body
WHEREAS, the Columbus City Council authorized the designat...
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