Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Knightsbridge Olentangy, 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.
Knightsbridge Olentangy, LLC proposes to establish a new medical office facility on Olentangy River Road (parcel number 010-267768). The facility will be principally occupied by Tallo & Associates, a primary care medical services provider. A total capital investment of $3 million is proposed at the site for new building construction. A total of two new full-time permanent positions will be created as a result of the project.
The project consists of the new construction of a 21,000 square foot medical office facility. A total capital investment of $3 million is proposed at the site to be used toward new construction. A total of 2 new full-time positions will be created as a result of the project and 31 existing positions will be retained.
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 School District has 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 Knightsbridge Olentangy, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed total investment of $3 million (for new building construction).
Body
WHEREAS, the Columbus City Council authorized the designation of the Central Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and Subsequently amended the Zone by Ordinance Nos. 272...
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