Explanation
Background: The need exists to amend the Enterprise Zone Agreement (the "Agreement") between the City of Columbus and Grange Mutual Casualty Company ("Grange"). The Agreement was originally executed on November 22, 2005 and provided Grange with a 10 year, 75% exemption on the increase in the assessed value of real property at Grange's corporate headquarters located at 650 South Front Street. The Agreement was executed to support the remodeling of Grange's existing facilities, the construction of a 200,000 square foot office building and the construction of a 1,000 space parking space. The project would result in the creation of approximately 800 new jobs and the retention of approximately 775 existing jobs. Subsequent to the execution of the Agreement, Grange revised the investment estimates, determined that the parking garage would be constructed on parcels of real property that were not covered by the original Agreement and determined that approximately 15,000 square feet of office space would be constructed as part of the parking garage structure. As a result, it is necessary to amend the Agreement to account for these changes.
Fiscal Impact: No funding is necessary for this legislation.
Title
To authorize the Director of the Department of Development to enter into a first amendment to Ohio Enterprise Zone Agreement with Grange Mutual Casualty Company to amend the scope of the project and revise the description of the project site.
Body
WHEREAS, the City, by Ordinance No. 779-85 passed April 22, 1985 and amended 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 in 2000, 1464-02 in 2002, and 0225-03 in 2003, has designated the area specified in those ordinances as an "urban jobs and enterprise zone" pursuant to Ohio Revised Code ("R.C.") Chapter 5709 (the "Enterprise Zone") and declared that incentiv...
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