Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with NWD Investments, LLC and Columbia Gas of Ohio, Inc. 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.
NWD Investments, LLC (NWD) was created on October 16, 1997, and is a joint venture between Nationwide Realty Investors, Ltd. (NRI) and Capitol Square, Ltd. NRI, a subsidiary of Nationwide Mutual Insurance Company, is a recognized real estate developer that is active throughout the United States with developments and investments in the office, commercial, retail, hotels, restaurant and residential real estate markets. Directly and through joint ventures, NRI controls more than $1 billion in real estate investments. NRI has a proven track record in development, having developed well over a billion dollars in commercial and residential real estate. NRI's concentration has been on large, complex mixed-use projects such as the Arena District in Columbus, Ohio. NRI is now recognized as one of the country's most progressive and successful mixed-use developers with a growing portfolio with representation across the United States. Capitol Square, Ltd. is the real estate investment arm of the Dispatch Printing Co.
NWD Investments, LLC is proposing to invest $51.0 million to construct two Class A office buildings consisting of at least 275,000 square feet in total. The buildings will be located at the northeast corner of Nationwide Boulevard and Neil Avenue in the Arena District. The proposed project will accommodate Columbia Gas of Ohio, Inc. (Columbia Gas) and its' effort to retain 650 jobs in the City of Columbus.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus City Schools have been ...
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