Explanation
BACKGROUND: Columbus City Council, by Ordinance 0570-2011, passed April 25, 2011, authorized the City of Columbus (City) to enter into an Enterprise Zone Agreement (Agreement) with NWD Investments, LLC and Columbia Gas of Ohio, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $51,000,000 investment in real property improvements and the retention of 650 full-time employees with an annual payroll of approximately $60,000,000 related to the construction of two new Class A office buildings consisting of approximately 275,000 combined square feet on parcel number 010-247724, located at 240-290 Nationwide Boulevard in Columbus Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into effective December 8, 2011 (EZA #023-11-02).
In a letter to the City from Nationwide Realty Investors, Ltd., dated July 24, 2013, it was confirmed that NWD Investments, LLC had transferred its real estate ownership interest in the project to NWD 240 Nationwide, LLC, a wholly-owned subsidiary of NWD Investments, LLC with the transfer having occurred on March 22, 2013.
This legislation is to authorize the Director of Development to amend the Agreement for the first time to remove NWD Investments, LLC as party to the Agreement and to be replaced with NWD 240 Nationwide, LLC as party to the Agreement.
This legislation is being presented as an emergency measure in order for this amendment to be legislated in as expedient manner as possible so that this amendment to the Agreement can be executed prior to the start of the 2013 annual reporting cycle.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Enterprise Zone Agreement with NWD Investments, LLC and Columbia Gas of Ohio, Inc., to remove NWD Investments, LLC as a party to the Agreement and to be replaced by NWD 240 Nationwide, LLC as party to the Agreement; and...
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