Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Town Square Limited Partnership. Ohio Enterprise Law, O.R.C. Section 5709.62 (3) (C), requires the City to enter into a Council approval agreement between the City and participating companies.
Pursuant to State legislation, the City has created an approved Columbus Enterprise Zone. Town Square Limited Partnership desires to renovate and redevelop the area of 103-115 South High Street totaling 39,000 square feet of retail and office space. This redevelopment project is a key component of the downtown business plan and a vital part of the long-term retail health for downtown and City Center Mall. Town Square Limited Partnership plans to invest $3,921,000 in new construction and improvements including the placement of a permanent video-board as well as create 2 full-time positions at the site within five years.
The Department of Development recommends a 75% / ten year abatement on real property. The Department also recommends a 75% / ten year personal property abatement restricted to the video-board placement and related equipment if the video-board is not included in the building value for tax purposes under the real property tax abatement.
The Columbus City School District has been advised of this project as required by O.R.C. Section 5709.83.
FISCAL IMPACT: No funding is required for this legislation.
Title
An ordinance authorizing the Director of Development to enter into an Enterprise Zone Agreement with Town Square Limited Partnership for a tax abatement of seventy five percent (75%) for ten (10) years on real property and seventy five percent (75%), ten (10) years on personal property restricted to the permanent video-board and related equipment in consideration of Town Square Limited Partnership proposed new investment of real and personal property in Columbus.
Body
WHEREAS, the Columbus City Council authorized the designation of th...
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