Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with West 70 Logistics Land, LLC. The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code requires the City to enter into Council-approved agreements between the City and participating companies.
West 70 Logistics Land, LLC is real estate holding company that is a subsidiary of TPA Ventures, LLC. TPA Ventures, LLC is a national real estate development company based in Atlanta, Georgia that has successfully acquired, developed and sold over $20 billion in investments. They frequently partner with other operators in an investment or joint venture structure and have a history of over 250 proactive, build-to-suit and re-development projects to date.
West 70 Logistics Land, LLC is proposing to redevelop an obsolete industrial site at 800 Hilliard Rome Road with a total of 1,850,000 square feet of proactive industrial development. For Building #5 of this new development, West 70 Logistics Land, LLC proposes to invest a total project cost of approximately $72,900,000 which includes $64,700,000 in real property improvements, $2,100,000 machinery and equipment, $800,000 in furniture and fixtures, and $5,300,000 in leasehold improvements to construct an approximately 300,000 square-foot proactive Class A industrial building at 800 Hilliard Rome Road, Columbus, Ohio 43228, parcel numbers 246-303775 and 470-296106 (the “Project Site”). The company anticipates that the development of the proposed project will lead to the creation of 38 net new full-time permanent positions with an estimated new annual payroll of approximately $1,620,000 at the Project Site, and since it is a proactive industrial development project, may lead to the retention or relocation of an unknown number of positions from within the City of Columbus or surrounding communities.
The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.
Contingent...
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