Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 1 Spring, LLC and a Jobs Growth Incentive with Barrio, Ltd. 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.
1 Spring, LLC will be the developer of this project. Barrio, Ltd. (Barrio) will be an upscale casual restaurant featuring tapas (small plates) located at the corner of Spring and High in the "Mile on High District". Barrio will be the first of its kind in Columbus, a true Tapas bar and lounge featuring authentic dishes from all over South America and Spain with a seating capacity of 200 patrons. The restaurant will be open 7 days a week with brunch, lunch and dinner. The front two-thirds of the building will include two floors of full service dining, bar and lounge. The back one-third will be an authentic tapas bar. Sidewalk dining will be accommodated on both High and Spring Streets. The mezzanine area will include private dining terraces and be available for private events.
Spring 1, LLC and Barrio, Ltd. are requesting an Enterprise Zone abatement and a Jobs Growth Incentive from the City of Columbus to assist in the development of this project.
The Department of Development recommends a 75%/10 year tax abatement with 1 Spring, LLC on real property improvements and a Jobs Growth Incentive with Barrio, Ltd equal to 25% of new employees city income tax withholding in consideration of a proposed $305,000 investment in real property improvements and the creation of 15 full-time permanent jobs. The proposal is consistent with Columbus Tax Incentive Policy under Central City projects.
Emergency action is requested of City Council in order to facilitate a project start date.
The Columbus Public School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Direct...
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