Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Gowdy Partners LLC and Gowdy Partners II LLC and a Jobs Creation Tax Credit Agreement with Time Warner Cable, Inc. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) and Jobs Creation Tax Credit law (O.R.C. Section 718.08) requires the City to enter into a Council-approved agreement between the City and participating companies.
Gowdy Partners LLC plans to construct a 140,000 square foot facility to accommodate relocation and expansion of Time Warner Cable, Inc. The project will include an investment of $20,000,000, the retention of 450 full-time jobs and the creation of 153 new full-time jobs. Gowdy Partners II LLC will also develop a 60,000-75,000 square foot speculative office building with an investment of $7.5 million and the creation of 50 new full-time jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements under the City's Enterprise Zone Program for Gowdy Partners LLC and Gowdy Partners II LLC and a 65%/10 year Jobs Creation Tax Credit for Time Warner Cable, Inc. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus Public School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Gowdy Partners LLC and Gowdy Partners II LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years; and to authorize the Director of Development to enter into a Jobs Creation Tax Credit Agreement with Time Warner Cable, Inc. to provide therewith an exemption of sixty-five percent (65%) for a period of ten (10) years in consideration of a proposed $27,500,000 investment, the retention of 450 (four hundred and fifty) jobs and the creation of 203 (two hundred and three) new jobs. (AMENDED BY ORD. 1343-2013 PA...
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