Explanation
BACKGROUND: Community Reinvestment Areas (CRAs) have been designated by Columbus City Council ("Council") under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial, and residential growth.
Columbus City Council by Resolution Number 0090X-2007, as approved on June 11, 2007 and certified by the State of Ohio on July 14, 2007, created the Rickenbacker Community Reinvestment Area (the "Rickenbacker CRA"), which Council subsequently amended by Resolution Number 03I8X-2011 on December 5, 2011, and certified by the State of Ohio on January 23, 2012, providing for tax exemptions for improvements to real property up to one hundred percent (100%) not exceeding fifteen (15) years for the new construction of non-retail, non-hotel, non-residential business or industrial structures as described in Section 3735.67 of the Ohio Revised Code.
TCG OCP CPOZ Owner, LLC is a real estate holding company that is a subsidiary of Trident Capital Group, a U.S. based real estate firm that focuses on acquisitions, repositioning, and management of a variety of real estate assets as well as management of private real estate funds. Established in 2008 and headquartered in Boston, MA, Trident Capital Group focuses on well-located industrial real estate throughout the Midwest, South, and Southeast; leveraging strong relationships and an entrepreneurial approach to deliver outsized returns for investors.
TCG OCP CPOZ Owner, LLC is proposing to invest a total project cost of approximately $60,000,000.00 in real property improvements to construct an approximately 958,000 square foot proactive industrial building located at 1669 Rohr Rd. Columbus, OH 43137, parcel number 495-303785 (the “Project Site”). Additionally, TCG OCP CPOZ Owner, LLC proposes to create or cause to be created twenty-five (25) net new full-time permanent positions with an estimated annual payroll of approximately $1,04...
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