Explanation
BACKGROUND: This legislation authorizes the Director of Development to consent to the transfer and assignment of an Enterprise Zone Agreement (EZA) to a business that has become the new property owner in connection with a property sale. The EZA project is Marketing Services by Vectra, Inc. and Business Park Company, located at 3900-4000 Business Park Drive on the west side. Business Park Company recently sold the project site and is requesting the City's consent to assign the EZA to the new owner, G.O.A.T. Real Estate, LLC. G.O.A.T. was formed and is owned by the three owners and executives of Best Restaurant Equipment & Design, Inc. "Best" is a growing business and will occupy approximately 80,000 square feet of vacant space at the project site. "Best" has already moved 5 jobs to the site and may move more. These represent new jobs to Columbus. The two existing tenants and their jobs will remain at the site (Marketing Services by Vectra and Full Court Press). Participation in this EZA project by G.O.A.T./Best Restaurant Equipment & Design is welcome and should result in improved job numbers and compliance with the EZA. "Best" was established locally in 1987, is presently headquartered on Kinnear Road (unincorporated territory), and specializes in chain restaurant layout, design, and supply. "Best" serves a national market area, has 65 permanent FT jobs and annual sales of $30 million. Earlier this year Council approved modifications to the EZA based on TIRC concerns about lack of job creation. G.O.A.T. (in place of Business Park Company) will enter into the EZA amendment Council had earlier authorized. Emergency action is requested to resolve purchase contract requirements and solidify the new owner's commitment to locating his business expansion and jobs at the project site in Columbus.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Development Director to consent to the assignment ...
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