Explanation
BACKGROUND: Columbus City Council, by Ordinance 1565-2004, passed October 4, 2004, authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement (the Agreement) with Broad & High CRI Limited Partnership (Enterprise) for a tax abatement of 75% for a period of ten years in consideration of an investment of $8.8 million in new construction and improvements, including the placement of a permanent video display system and the creation of two full-time permanent jobs related to the renovation and redevelopment of 48,500 square feet of retail and office space at 2 and 4 East Broad Street as well as 12, 18 and 20 North High Street in Columbus, Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into to be effective August 19, 2005 (EZA# 023-05-13). This Agreement was subsequently authorized by Council to be amended for the first time to remove any and all language pertaining to personal property investment and tax abatements related to this personal property investment from the Agreement by Ordinance 0614-2009, passed May 11, 2009, made and entered into effective January 1, 2009.
The 2010 Columbus Tax Incentive Review Council reviewed the Agreement on August 19, 2010, and recommended that the Agreement be continued as Enterprise was fully compliant will all of the commitments as set forth in the Agreement.
The Agreement currently states that the project was expected to begin March 2005 with all acquisition, construction and installation expected to be completed by March 2007. The Agreement also states that no real property exemption shall commence after 2007 nor extend beyond 2016. Unforeseen delays in construction pushed the completion date past the expected March 2007 date. This has impacted the stated abatement commencement date, necessitating a modification of the dates to which the abatement is expected to be applied to allow the exemption to commence no later than 2...
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