Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to consent to the transfer and assignment of the Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd., Community Reinvestment Area (CRA) to Kenney Airport Hotel Corp and Kenney Airport Hotel II Corp. in connection with the sale of the property. Columbus City Council amended the existing Old State Road Community Reinvestment Area on February 9, l998 by Ordinance No. 10X-98. The resolution allowed the City to offer a tax incentive of 65 %( sixty five percent) for 10 (ten) years to Mettler/Toledo Scales, in cooperation with The Offices of Polaris, Ltd. The project site is located at 1900 Polaris Parkway. Mettler/ Toledo Scales, in cooperation with The Offices at Polaris, Ltd., proposed to construct a 160,000 square foot facility on 8.9 acres and create 100 permanent full time jobs. The facility was completed and the abatement will run from 1999-2008. By the end of 2004, the investment, job retention, and job creation goals had been attained. The Columbus Tax Incentive Review Council, in its 2005 review, found the project to be in compliance.
The project site, located at 1900 Polaris Parkway, was purchased on September 6, 2005 by Kenney Airport Hotel Corp and Kenny Airport Hotel II Corp. Kenney Airport Hotel Corp is owned By Donald L. Kenney and his four children. Kenney Airport Hotel II Corp is owned by Donald L. Kenney. The project site will be managed by Triangle Real Estate Services, a company that has managed commercial and residential properties for over twenty years. Triangle Real Estate Services is also owned by Donald L. Kenney.
This legislation is presented as an emergency measure to allow the transfer of the CRA because the property was sold on September 6, 2005.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to consent to the transfe...
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