Explanation
BACKGROUND:This legislation authorizes the Director of Development to consent to the assignment of interest in an Enterprise Zone Agreement, known as Commodity One LLC, Commodity Logistics, and CalEast Industrial Investors, LLC. to CIVFI-OH1BO1,LLC. Columbus City Council, per Ordinance Number 0036-00, authorized the Department of Trade and Development (now known as Department of Development) to enter into an Enterprise Zone Agreement with Commodity Logistics, Commodity One and CalEast Industrial Investors, LLC. to grant a tax abatement of sixty percent (60%) on real property improvements for seven (7) taxable years in consideration of the proposed investment of $9.8 million and the creation of 200 jobs.CIVI-OH1BO1, LLC., a Delaware limited liability company, is comprised of Capital Investment Value Fund. The legal entity is managed by Cabot Properties of Boston, Massachusetts. CalEast Industrial Investors, LLC. plans to sell the project site, located at London Groveport Road, to CIVFI-OH1BO1,LLC.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to consent to the assignment of the interest of Commodity One and CalEast Industrial Investors, LLC. in an Enterprise Zone, to CIVFI-OH1B01, LLC; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance No. 779-85, dated April 22, l985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio Enterprise Zone law, by letter, dated June 12, l985; and
WHEREAS, the Commodity Logistics, Commodity One and CalEast, Industrial Investors, LLC. Enterprise Zone Agreement was approved by Ordinance Number 0036-00; and
WHEREAS, Commodity One and CalEast Industrial Investors, LLC. desires its interests in the Enterprise Agreement be assigned to CIVFI-OH1BO1, LLC.; and
WHEREAS, CIVFI-OH1BO1,LLC. de...
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