Explanation
BACKGROUND: This legislation authorizes the Director of Development to consent to the assignment of the tax abatement and obligations under the City's Enterprise Zone Agreement with Omni Management Group, Ltd. ("Omni") to SRS Unity Health H, LLC in connection with a property sale. The City entered into the Enterprise Zone Agreement with Omni effective June 8, 2000 ("EZA"). Under the EZA, Omni was granted a 60%/7-year tax abatement for its proposed project consisting of an investment of $4.6 million in real and personal property, the construction of a new 50,000 square foot healthcare facility, the retention of 32 jobs and the creation of 28 new jobs. The healthcare facility was completed in 2001, is located at 3433 Agler Road, Columbus, OH 43219, and is known as the Unity Health & Resource Center (the "Property"). The 60% tax abatement commenced in 2002 and is scheduled to run through 2008. As of December 2005, Omni had met or exceeded the investment and jobs goals, having invested $4.6 million, retained 32 jobs and created 41 new jobs. The 2005 Tax Incentive Review Council found the project to be in compliance.
Omni plans to sell the Property to SRS Unity Health H, LLC and, contingent on the actual closing on the Property taking place, Omni desires to assign its tax exemptions and obligations under the EZA to SRS Unity Health H, LLC. SRS Unity Health H, LLC will be the lead investor and manager of the Property and will own the Property together with its affiliated passive tenant-in-common investors. SRS Unity Health H, LLC is a wholly owned entity of SRS Investments, LLC, a privately owned real estate investment firm specializing in the acquisition and ownership of office and retail assets in the Southeast and Midwest United States. Both SRS Unity Health H, LLC and SRS Investments, LLC have reviewed the EZA and have stated in writing that they will assume all the obligations of Omni under the EZA.
This legislation is presented as a...
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