Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Metro City Ventures, LLC. and Southwestern Acquisition, 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.
Southwestern Acquisition, LLC. (Southwestern College) is an affiliate of Lincoln Educational Services Corporation, a New Jersey corporation. Southwestern College provides training in Health Services, Business IT and Spa & Cosmetology with locations in Cincinnati, Dayton, Toledo and Franklin, Ohio, as well as Florence, Kentucky. Southwestern College is fully accredited by the Accrediting Council of Independent Colleges and schools specializing in the business and healthcare industries.
Along with Metro City Ventures, LLC., a real estate venture owned by Andrew Showe and located in downtown Columbus, Southwestern College is proposing to expand into Columbus by the redevelopment and renovation of 3 floors of a 5-story commercial building, comprising 26,000 square feet to be used as class room and office space. The renovations and job creation associated with this project located at 45 North 4th Street, within the Mile on High District, will have a big impact on the continuing revitalization of the downtown area.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements in consideration of a proposed $1.59 million investment and the creation of 49 new full-time permanent positions with an estimated annual payroll of $1.96 million. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus Public Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Metro City Venture...
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