Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Lightning Propco I, LLC and Micro Electronics, Inc. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into Council-approved agreements between the City and participating companies.
Lightning Propco I, LLC is a real estate holding entity related to Evergreen Industrial Properties, LLC. Evergreen Industrial Properties, LLC owns and manages a portfolio of real estate assets, was incorporated in 2014, and is based in California.
Micro Center is an American computer department store founded in Columbus, Ohio in 1979 by two former Radio Shack employees. Micro Center is a subsidiary of Micro Electronics, Inc., a privately held corporation headquartered in Hilliard, Ohio. In addition to selling the name brand products of a multitude of manufacturers, Micro Center also sells products under a variety of its own brand names.
Lightning Propco I, LLC, together with its tenant Micro Electronics, Inc., is proposing to expand its existing 262,636-square-foot facility located at 2701 Charter Street Columbus, Ohio 43228 (parcel number: 560-241826-00) by adding approximately 43,380 square feet of warehouse distribution space. Micro Electronics, Inc. will occupy the entirety of the expanded space as part of an amended long-term lease arrangement.
Micro Electronics, Inc. will retain 104 full-time permanent positions at the project site with an associated annual payroll of approximately $3,005,612 and create 5 new full-time permanent positions with an associated new annual payroll of approximately $130,000. The project involves a total investment of approximately $2,970,000, which includes $2,670,000 in real property improvement and the balance related to the acquisition of machinery, equipment, furniture and fixtures.
The Department of Development recommends an Enterprise Zone property tax abatement of fifty percent (50%) for a period of...
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