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 Coulter Ventures, LLC and Coulter Properties II LLC (collectively, 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.
Coulter Ventures, LLC dba Rogue Fitness (“Rogue”) is the leading manufacturer of strength and conditioning equipment, including weightlifting bars, plates, racks, sleds and other related equipment. The company was originally started in 2007 in a garage in Toledo, Ohio by the current owner Bill Henniger. The company is now headquartered in Columbus and has grown to over 725 team members globally. Rogue is the official equipment supplier of the CrossFit Games, USA Weightlifting, the Arnold Strongman Classic, and the World’s Strongest Man Competition. Coulter Properties II LLC is the real estate holding company for Coulter Ventures, LLC and will be the owner of the property.
Coulter Ventures, LLC and Coulter Properties II LLC are proposing to invest a total project cost of approximately $48,245,000.00, which includes $6,245,000.00 in acquisition cost, $37,000,000.00 in real property improvements, and $5,000,000.00 in machinery and equipment to expand its existing corporate headquarters (HQ) and its manufacturing and distribution facility by another 270,000 square feet (“Facility”) at 511 E. 5th Avenue, Columbus, Ohio, 43201, parcel number 010-295406 and on two contiguous parcels: Parcel number 010-001529 with an address of 440-470 E. Starr Avenue and Parcel number 010-241535 with an address of 500-540 Starr Avenue, Columbus, Ohio, 43201 (collectively, and hereinafter referred to as the “Project Site”). Additionally, the company proposes to create thirty (30) net new full-time permanent positions with an esti...
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