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 BGO Charter Street Storage Owner LLC (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.
BGO Charter Street Storage Owner LLC is a single purpose entity formed to develop a vacant lot parcel. The company is owned and controlled by Crawford Hoying development. Crawford Hoying, established in 2012 by principal members Brent Crawford and Robert Hoying, is one of the largest real estate development firms in the Columbus region. Over the past decade, Crawford Hoying has successfully completed over $1 billion of projects statewide. BGO Charter Street Storage Owner LLC will be the owner of the property, while Crawford Hoying will serves as the sponsor entity that will invest directly in and oversee the development of the proposed project.
BGO Charter Street Storage Owner LLC is proposing to invest a total project cost of approximately $48,500,000.00, which includes $2,774,538.00 in acquisition cost and $45,725,462.00 in real property improvements to construct an approximately 179,170 square-foot Class A proactive industrial cold storage facility (“Facility”) at 2865 Charter Street, Columbus, Ohio 43228, on parcel number 560-277650 (the “Project Site”). The Enterprise anticipates that the project will create or cause to be created twenty-two (22) net, new full-time permanent positions with an estimated new annual payroll of approximately $915,200 at the Project Site (“New Employees”).
The Director of the Department of Development is recommending that Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of it creating, or causing to be ...
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