Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Wood Real Estate, LLC and Wood Operating Company, 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.
Wood Real Estate, LLC is a commercial and residential real estate broker company that assisted in the revitalization of the historic Short North Arts District. Sandy Wood established Wood Real Estate, LLC and Wood Operating Company in the late 1980's and helped transform the Short North District into a vibrate community. Wood Real Estate, LLC is proposing to redevelop and expand a 1-story commercial building into a 4-story mixed use building consisting of 45,700 square feet. The first floor will remain a restaurant (North Star), with an additional 9,600 square feet of renovations for covered parking. The second floor will consist of 10,200 square feet of office space with 2 rental units comprising 2,300 square feet of residential space. The 3rd and 4th floors will feature twelve rental units consisting of 12,000 square feet of residential space on each floor. The company plans to invest approximately $4.2 million for this project and create 3 full-time permanent positions.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. The proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus Public Schools have 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 Wood Real Estate, LLC and Wood Operating Company, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $4.2 million investment.
Body
WHEREAS, the Director of the Development De...
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