Explanation
BACKGROUND: This legislation authorizes an amendment to Ordinance No.0959-2006, passed June 5, 2006, that authorized the Development Director to enter into the City's Enterprise Zone Agreement (EZA) with Meritex Columbus, LLC. The EZA provided a real property tax exemption of 65% for 7 years to Meritex for the real property at the project site located at 1901 Dividend Drive, based on an investment of $2,236,742 in real property improvements and the creation of 60 new full time jobs. It is now necessary to change the new job creation requirement from 60 new full-time jobs to 30 new full-time jobs. Meritex Columbus, LLC has been attempting to attract clients to utilize the multi-tenant building that will be constructed. Meritex Columbus, LLC has revised their initial estimate for job creation due to the difficulty attracting industrial clients to this area.
Meritex Enterprises, Inc, parent company of Meritex Columbus, LLC is a privately held company. Meritex is a national real estate investment company offering industrial space solutions to businesses. Meritex intends to construct a 52,800 square foot facility that can house 8 tenant suites with a total investment of $2,236,742 and create 30 new full-time jobs.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 0959-06, passed on June 5, 2006, to reflect a reduction in the new job creation requirement in the Enterprise Zone Agreement with Meritex Columbus, LLC; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Incentive with Meritex Columbus, LLC, on June 5, 2006, by Ordinance No. 0959-2006; and
WHEREAS, the Enterprise Zone Agreement provided a real property tax exemption of 65% for 7 years to Meritex Columbus, LLC for the real property at the project site located at 1901 Dividend Drive parcel number 560-210796, based on an investment of $2,236,742 in real property improvements and the...
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