Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with WB Sports of Columbus, 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.
WB Sports of Columbus, LLC (WB Sports) is a real estate development company created in April 2008, to assist in the construction of a medical office facility for D1 Sports Training/Therapy facilities. WB Sports is proposing to construct a brand new medical office building of approximately 15,000 square feet on property located at 8068 N. High Street, parcel number 610-213822. The proposed site is currently vacant. The medical office facility will provide fitness and wellness care to the community (orthopedics, cardiology, pediatrics, sports therapy and physical rehabilitation or other similar medical practice types) whereas its medical partners and other associated healthcare providers can deliver the type of care and services necessary for the care and well being of the community.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements in consideration of a proposed $7.0 million investment in acquisition costs and real property improvements. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
The Worthington City 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 WB Sports of Columbus, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $7.0 million investment in acquisition costs and real property improvements.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated Apri...
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