Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a Commercial Office Modernization Incentive (COMI) Pilot Program Contribution Agreement (“Contribution Agreement”) with Safelite Group, Inc. (the “Developer”). The Developer is modernizing two buildings located at 2500 Farmers Drive, also identified as Franklin County Tax Parcel 590-192107 and 7400 Safelite Way, also identified as Franklin County Tax Parcels 590-189916 and 590-189915 (collectively the “Project Site”).
The Developer shall construct an inter-building connecting structure that will connect the fourth and fifth floors between the two structures (the “Sky Bridge”) to aid the modernization of the two buildings in order to make the facilities ready for its associates to return to the office. The Developer intends to re-lease from Farmers Drive Portfolio LP (“Landlord”) approximately 128,000 square feet of office space constructed in 1983 as its national headquarters. In addition, the City shall make a contribution in an amount not-to-exceed a total contribution of $500,000.00 using Development Taxable Bonds Fund for reimbursement of soft costs related to approximately $19,000,000.00 of improvements made by Developer to facilities at the above-mentioned headquarters, including the Sky Bridge. Soft costs include engineering, architectural, legal, and other consulting and professional services; designs, plans, specifications, feasibility or rate studies, appraisals, surveys, estimates of cost, and other similar costs approved by the City in its sole discretion (“Soft Costs”).
The purpose of the Contribution Agreement is to induce Safelite to retain its national headquarters in the City of Columbus for a period of at least five (5) years, to facilitate a return-to-office environment for Safelite employees and contractors thereby, increasing income tax revenue for the City of Columbus. Accordingly, this Contribution Agreement is vital for the eco...
Click here for full text