Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with C5 Columbus SW Building 2, LLC (the “Enterprise”). The Ohio Enterprise Zone Law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreements between the City and qualifying companies.
C5 Columbus SW Building 2, LLC is a wholly owned single purpose entity under the Core5 Industrial Partner’s umbrella. Core5 Industrial Partners (“Core5”) is a full-service real estate property company with expertise in development and acquisition of Class A inventory and build-to-suit industrial facilities. With 25 years of experience, the company has delivered more than 250 million square feet of Class A warehousing, distribution, and manufacturing facilities across North America. Core5 is based in Atlanta, Georgia and has quickly established a national presence in North America’s major distribution and logistics markets. Core5 is owned by the 180-year-old Kajima Corporation’s U.S division, Kajima USA Inc.
C5 Columbus SW Building 2, LLC is proposing to invest a total project cost of approximately $15,724,800.00 in real property improvements to construct a new Class-A proactive development industrial facility consisting of approximately 249,600 square feet on a vacant greenfield site located at 5192 Alkire Rd. Columbus, OH 43228, Parcel No. 570-154749 (the “Project Site”). Additionally, C5 Columbus SW Building 2, LLC proposes to create or cause to be created twenty-five (25) net new full-time permanent positions with an estimated annual payroll of approximately $1,100,000.00 (“New Employees”) at the proposed Project Site.
The Director of the Department of Development is recommending that Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of creating the N...
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