Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with SPARC Holding, 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.
SPARC Holding, LLC proposes to repurpose the vacant Cooper Stadium site at 1155 W. Mound Street into a Sports Pavilion and Automotive Research Complex (SPARC). The anchor of the site will be an automotive research and technical training facility that will become an incubator of new automotive technologies. The project will preserve the 8,000 grandstand seats and involve the construction of a paved half-mile track surface. It is expected that the site will additionally include a conference center, exhibition spaces, hotel and restaurants.
The project consists of the acquisition of a building, new construction, building improvements, furniture and fixtures. A total capital investment of $16.4 million is proposed at the site, with $3.4 million toward building acquisition, $12 million toward new construction and improvements, and $1 million for furniture and fixtures. A total of 20 new full-time positions will be created as a result of the project.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus City Schools has been advised of this project.
This legislation is presented as an emergency measure to take action on this agreement in order for this project to move forward with its initial permitting process in order to meet completion deadlines.
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 SPARC Holding, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on re...
Click here for full text