Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Menard, Inc. 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. This ordinance authorizes the Director of Development to enter into an Enterprise Zone Agreement with Menard, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a $11.5 million investment in real property improvements and personal property and the creation of 80 new full-time permanent positions.
Menard, Inc., (Menards) is a Wisconsin Corporation, established for the purpose of home improvement and building supply materials. During the 1970s and 1980s, Menards opened building supply stores in a five-state area including: Wisconsin, Iowa, North and South Dakota, and Minnesota. By 1986, Menards ranked 15th among the top home improvement chains, with estimated sales from the 34 outlets approaching the half billion mark.
Menards celebrated the opening of its 150th store in early 2000. Columbus will be the home of the next Menard's facility. The redevelopment known as Northland Village will be site of the new store. The former Northland Mall is one of the targeted areas of redevelopment for the City of Columbus. The construction of the Menard's facility will continue to encourage growth and redevelopment for the Northland Village. The specific location is 1819 Morse Road.
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 Columbus School District has been advised of this project.
Emergency action is necessary to allow construction to begin immediately within Northland Village.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of De...
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