Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with AMAMATA LLC. 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. Amamata LLC will invest $1.5 million in real property improvements and create 40 new positions.
Amamata LLC is a Limited Liability Corporation established for the purpose of creating state-of-the-art healthcare facilities in the State of Ohio. The partners in the project are physicians with extensive experience in real estate development and management.
The property located at 6400 Broad Street is a 50,000 square foot facility built in 1974. The facility, referred to as the Lucent Technology site, has been vacant for the past three years. AMAMATA LLC plans to renovate the exterior and interior of the building to make it more energy efficient and conducive to green standards.
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 Gahanna Jefferson School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with AMAMATA LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $1.5 million investment in real property improvements and the creation of 40 new full-time permanent positions.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and subsequently amended the Zone by Ordinance Nos. 2722-85 in 1986; 2080-89 in 1989; 1949-92, 2609-92 and 2249-92 in 1992; 1079-94 and 1228-94 in 1994; 2196-95 and 2817-95 in 1995; 533-99 in 1999; 1785-00 i...
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