Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with AirSide Four LLC. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into Council-approved agreements between the City and participating companies.
Established in December of 2016, the primary business of AirSide Four LLC is the ownership of real estate used for office and distribution. AirSide Four LLC, an affiliate of Columbus-based developer The Daimler Group, Inc., proposes to construct a 60,000-square-foot speculative office and distribution center on Bridgeway Avenue (parcel number 520-164556), a site presently owned by the Columbus Regional Airport Authority.
AirSide Four LLC expects to invest a total of approximately $4,500,000 at the project site on Bridgeway Avenue in order to construct the office and distribution center. It is estimated that the new development will support the creation of 10 net new full-time permanent positions to the City of Columbus with an associated new annual payroll of approximately $350,000 by the end of the third full year of operation (estimated to be December 31, 2022). As this is a speculative development, the exact number of full-time permanent positions expected to be relocated to the site is unknown.
The Department of Development recommends an Enterprise Zone property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years on real property improvements for the purpose of constructing a new speculative office and distribution center.
The Gahanna-Jefferson Schools Board of Education and the Eastland-Fairfield Career & Technical Schools Board of Education have both been advised of this project. This legislation is presented as 30 day legislation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with AirSide Four LLC for a property tax abate...
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