Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1896-2023, passed July 24, 2023, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with BGO Charter Street Storage Owner LLC (hereinafter, referred to as “ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of approximately $48,500,000.00, which included approximately $2,774,538.00 in acquisition cost and $45,725,462.00 in real property improvements to construct an approximately 179,170 square-foot Class A proactive industrial cold storage facility at 2865 Charter St. Columbus, OH 43228, Parcel No. 560-277650 (the “PROJECT SITE”). Additionally, the ENTERPRISE committed to create twenty-two (22) net new full-time permanent positions with an associated annual payroll of approximately $915,200.00 at the PROJECT SITE. The AGREEMENT was made and entered into effective October 30, 2023 with the PROJECT expected to begin approximately September 2023, with all real property improvements expected to be completed by approximately July 2024, and with the abatement to commence no later than 2025 nor extend beyond 2034 (Agreement No. 023-23-06).
Paragraph fourteen within Section 8 (Program Compliance) of the AGREEMENT states that the “AGREEMENT is not transferable or assignable without the express, written, approval of the CITY” and paragraph fifteen of that same section states that “any requested amendment…to any of the terms of the AGREEMENT…shall require the payment to the CITY by the ENTERPRISE of an AMENDMENT FEE in the amount of five-hundred dollars ($500.00).”
In a letter from Crawford Hoying on behalf of the ENTERPRISE dated June 2, 2025, received by the CITY and through ensuing correspondence, BGO Charter Street Storage Owner LLC confirmed that they have transferred all of its interest in the cold storage facility...
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