Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Town Square Limited Partnership. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Town Square Limited Partnership is an affiliate company of Arshot Investment Group. The partnership was formed in 1995 for the purpose of redeveloping a mixed use facility at 107-109 S. High Street. Town Square Limited Partnership is now proposing further redevelopment along that block with the acquisition and renovation of a long vacant commercial building at 101 S. High Street.
The proposed project involves renovation of the 6,615 square foot facility, formerly home to Cord Camera. The site will be refitted for office condominiums, with a retail operation on the first floor. The future business condo unit owners will enter into an agreement for partial assignment to be eligible for their portion of the tax abatement.
An investment of $1.45 million will be made at the site. The investment includes the acquisition, renovation and equipping of the facility. A total of two (2) new full-time permanent positions will be created as a result of the project.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects. The Columbus City Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Town Square Limited Partnership for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed total investment of $1.45 million.
Body
WHEREAS, the Columbus City Council authorized the designation of the Cen...
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