Explanation
BACKGROUND: The 2010 Columbus Tax Incentive Review Council (TIRC) reviewed the 1 Spring LLC & Barrio Ltd. Enterprise Zone project on August 19, 2010, and recommended that the City should consider dissolving the Enterprise Zone Agreement (EZA #023-09-01, hereinafter "Agreement") between the City and 1 Spring LLC & Barrio Ltd. (hereinafter "Enterprise"). The City concurs with the recommendation of the TIRC.
Columbus City Council approved the Agreement by Ordinance No. 1623-2008, adopted October 20, 2008. The Agreement was entered into effective January 5, 2009 and granted a 75%/10-Year abatement on real property improvements with a commitment of $170,000 in real property improvements and the creation of 15 new permanent full-time jobs with a payroll of $640,000 related to the renovation of a 4,619 square foot restaurant facility on parcel number 010-196519 located at 185 North High Street within the City of Columbus Enterprise Zone (Zone #023). The project was expected to begin January 2009 and all real property improvements were expected to be completed by December 31, 2009. Five (5) of the new full-time jobs were to be created by the end of the first year the Agreement was in effect (year end 2009), five (5) more by year end 2010, and five (5) more by year end 2011. No real property tax exemption was to neither commence after 2010 nor extend beyond 2019.
As of the TIRC review on August 19, 2010, the City reported that Enterprise had not submitted their annual report. Enterprise missed the March 31, 2010 reporting deadline. A certified letter was sent to Enterprise on April 19, 2010 giving 30 day notice to report or the Agreement would be dissolved - this letter was returned on May 14, 2010 as "unclaimed." A "Report or Dissolve" memo was prepared and hand-delivered to Enterprise on or about May 17, 2010. City staff met with Enterprise on May 21, 2010 - Enterprise was to decide whether or not to continue with the abatement. No further...
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