Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Polaris Medical Office Development, LLC (PMOD, LLC). The Ohio Enterprise Zone Law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies. PMOD, LLC will invest $14.7 million in real and personal property and create 21 new positions.
Polaris Medical Office Development, LLC is an affiliate of Hand and Microsurgery Associates, Inc ("HMA"), which is a Columbus, Ohio based medical practice group. Established in 1987, Hand and Microsurgery Associates is comprised of fellowship trained hand surgeons specializing in hand, upper extremity, and microsurgery. The project includes the expansion of the medical and physical therapy practice as well as the addition of ambulatory surgical services. The project site, located at Gemini Parkway/Polaris consists of 45,000 square feet of which 10,000 square feet will be used as the ambulatory surgery center.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
The Olentangy 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 Polaris Medical Office Development, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $14.7 million investment in real and personal property and the creation of 21 new full-time permanent positions.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and subsequently amended the Zone by Ordinance Nos. 2722-85 in 1986; 2080-89 in 1989; 1949-92, 2609-92 and 2249-92 in 1992; ...
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