Explanation
BACKGROUND: Columbus City Council (“Council”), by Ordinance No. 1885-2012, passed September 24, 2012, authorized the City of Columbus (“City”) to enter into an Enterprise Zone Agreement (the “Agreement”) with Knightsbridge Olentangy, LLC ( the “Original Enterprise”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of approximately $3,000,000.00 in new construction, the creation of two (2) net new full-time permanent positions with an associated annual payroll of approximately $56,160.00, and the retention of 31 jobs with an estimated annual payroll of approximately $1,680,032.00, related to the construction of a new approximately 21,000 square-foot medical office facility (the “Project”) on Parcel No. 010-266768 (the “Original Parcel”) located on and/or near Olentangy River Road, Columbus, Ohio 43204, within the City of Columbus and within the City of Columbus Enterprise Zone (the “Project Site”). The Agreement was made and entered into effective December 3, 2012 (Agreement No. 393-12-05) with the Project expected to begin approximately November 2012, with all real property improvements expected to be completed by July 2013, and with the abatement to commence no later than 2014 nor extend beyond 2023.
Paragraph twelve within Section 6 (Program Compliance) of the Agreement states that the “Agreement is not transferable or assignable without the express, written, approval of the City”.
In a letter received by the City on behalf of the Original Enterprise dated September 27, 2023 and through ensuing correspondence, it was confirmed that COPC Medical, LLC, Mercy South - Ohio LLC, and LSCO Medical, LLC have collectively acquired ownership of the Project Site from Knightsbridge Olentangy, LLC with the transfer having been recorded at the County Auditor’s Office on August 10, 2023. Additionally, the Project Site has been revised to be Parcel ...
Click here for full text