Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with the Columbus Compact Corporation. 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.
The Columbus Compact Corporation plans to renovate a 19,000 square foot former grocery store building where the applicant has negotiated a lease agreement with a Sav-A-Lot grocery store franchisee. This project is expected to be a catalyst for future retail goods and services development in the neighborhood. The project is a part of the Compact's Retail Development Plan for property it owns on a three block long portion of E. Main Street. The project includes the following parcels: 010-014373, 010-012636, 010-047166, 010-044753, 010-032101, 010-032102 and 010-182471. The addresses are 1170-1181 E. Main St. and 411-423 Wilson Ave., Columbus, Ohio. The project will include an investment of $2.5 million and the creation of sixteen (16) new full-time jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property and 75%/2 year tax abatement on personal property. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus Public School District 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 the Columbus Compact Corporation for a tax abatement of 75% for a period of ten years for real property improvements and 75% for a period of two years for personal property in consideration of a proposed $2.5 million investment and the creation of 16 new jobs.
Body
WHEREAS, the City has established an Enterprise Zone pursuant to Section 5709.61 to 5709.66 of the Ohio Revised Code (O.R.C.) which has been certified by the Director of the Department of D...
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