Explanation
BACKGROUND: Columbus City Council, by Ordinance 1275-2009, passed October 26, 2009, authorized the City of Columbus (City) to enter into an Enterprise Zone Agreement (Agreement) with Continental/Olentangy Hotel, LLC (Enterprise) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $13.6 million investment in real property improvements and the creation of 15 full-time jobs with an associated annual payroll of approximately $527,000 related to the construction of a new 4-story limited service hotel with approximately 134 rooms, associated parking and landscaping amenities on parcel numbers 010-077863 and 010-040234, plus a parcel to be added to parcel number 010-077863, located at 1421-1437 Olentangy River Road in Columbus Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into effective January 20, 2010 (EZA #023-10-01) with the abatement currently effective from 2012-2021 applied to parcel number 010-077863.
Following discussion with Continental/Olentangy Hotel, LLC, a letter to the City from Black Sapphire C Columbus University 2014 Inc., dated April 2, 2014 was received April 14, 2014, confirming that Black Sapphire C Columbus University 2014 Inc. had acquired ownership of parcel number 010-077863 from Continental/Olentangy Hotel, LLC on April 2, 2014. It was noted in the letter that the hotel will continue to be franchised by Marriott International as a Springhill Suites and will continue to be operated by Concord Hospitality Enterprises and so there would be no disruption of day-to-day operations as a result of the transaction. Due diligence has been undertaken by the City in that Black Sapphire C Columbus University 2014 Inc. has agreed to fully assume the terms and commitments of the Enterprise pursuant to the Agreement, has submitted an updated Economic Development Incentive Application and that this application and all other pertinent information ...
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