Explanation
BACKGROUND: The need exists to amend Ordinance 1943-2006, passed November 6, 2006, which authorized the Director of the Department of Development to enter into a 10-year, 75% Enterprise Zone Agreement on real property improvements and personal property with Skybus Airlines, Inc., 4300 Venture 34922 LLC and 4300 Venture 6728 LLC in consideration of a proposed investment of $19.9 million, retention of 28 full-time jobs and the creation of 886 permanent full-time jobs. The project is located at Port Columbus at 4300 E. Fifth Avenue.
The amendment consists of correcting the names of 4300 Venture 34922 LLC and 4300 Venture 6728 LLC. The names were misreported to the City during the drafting of the Ordinance. The correct names are, respectively, 4300 Venture 34910 LLC and 4300 Venture 6729 LLC.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1943-2006 to correct the names of two of the parties entering into the Enterprise Zone Agreement authorized by the Ordinance; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved legislation to enter into an Enterprise Zone Agreement by Ordinance 1943-2006, passed November 6, 2006; and
WHEREAS, the Enterprise Zone Agreement would provide a real and personal property tax exemption of 75% for 10 years based on an investment of $19.9 million in real and personal property, the retention of 28 full-time permanent jobs and the creation of 886 full time jobs; and
WHEREAS, the names of 4300 Venture 34922 LLC and 4300 Venture 6728 LLC were inadvertently misreported in Ordinance 1943-2006 and should respectively be modified to 4300 Venture 34910 LLC and 4300 Venture 6729 LLC; and
WHEREAS, an emergency exists in the usual daily operation of the Columbus Department of Development in that it is immediately necessary to amend Ordinance 1943-2006 in order for the parties to receive the Enterprise Zone tax benefits that City Council inten...
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