Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 3MX Partners, LLC. 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.
3MX Partners, LLC. is a subsidiary of JDS Management, Inc. JDS Management, Inc. has been instrumental in the revitalization of the Market Exchange District on East Main Street. 3MX Partners, LLC. is a separate entity created to redevelop a vacant commercial building located at the corner of East Main Street and South Washington Avenue. 3MX Partners, LLC. is proposing to renovate the 2-story building with the first floor consisting of 17,200 square feet and the second floor consisting of 3,500 square feet into a fully functional medical office building, total of 20,700 square feet. The renovation of 495 East Main Street will have a significant impact on the continuous revitalization of the Market Exchange District in Columbus.
The Department of Development recommends 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.
Emergency action is requested of Columbus City Council in order to accommodate a spring construction schedule and allow immediate project re-development.
The Columbus Public Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with 3MX Partners, LLC. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $3.2 million investment; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and Subsequently amended the ...
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