Explanation
BACKGROUND: The need exists to amend Ordinance Number 0559-2005. Ordinance Number 0559-2005, passed April 11, 2005, authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement with Morrison Medical LTD of sixty percent (60%) on real property for seven (7) taxable years in consideration of Morrison Medical LTD investing $1,250,000 in real property improvements, machinery & equipment and new inventory, retaining 25 permanent full-time jobs and creating 5 new permanent full-time jobs in the Columbus Enterprise Zone.
This amendment permits MJ Paragon LLC to be made a party to the Enterprise Zone Agreement. Morrison Medical LTD submitted the Enterprise Zone Agreement Application. MJ Paragon LLC did not exist at the time of the application. The company was created by the owners of Morrison Medical LTD to own and develop the real estate at the project site. MJ Paragon LLC is a limited liability company that includes the same owners of Morrison Medical LTD.
This amendment permits MJ Paragon LLC to be made a party to the Enterprise Zone Agreement. Morrison Medical LTD and MJ Paragon LLC shall proceed with the development project as stated in the aforementioned ordinance.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend Ordinance Number 0559-2005 by permitting MJ Paragon LLC to be made a party to the agreement; and to declare an emergency.
Body
WHEREAS, Council passed Ordinance Number 0559-2005 on April 11, 2005, authorizing the Director of the Department of Development to enter into an agreement with Morrison Medical LTD for a tax abatement of sixty percent (60%) on real property for seven (7) taxable years in consideration of Morrison Medical LTD's investments in real and personal property in the Columbus community; and
WHEREAS, the owners of Morrison Medical LTD created MJ Paragon LLC to own...
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