Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Riverview Hotel 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.
Riverview Hotel LLC was incorporated in 2007 by majority owner Mr. David Patel. Mr. Patel also formed Indus Hotels, a Columbus-based company, in 1997 with his business partner, Mr. David Kozar, which oversees the management and development of hotel projects through franchise agreements with Hilton Hotels, as well as operating two independent hotels which they branded themselves as The Varsity Inn.
Riverview Hotel LLC is proposing to invest approximately $13,370,000 for the construction of a new, 95,321 square foot hotel to be known as Hampton Inn & Suites University Area to be located at 3160 Olentangy River Road (parcel number 010-117361). This property is currently vacant.
Located in close proximity to other properties managed by Indus Hotels, Hampton Inn & Suites University Area will be located on Olentangy River Road between the Hilton Garden Inn and the University Plaza Hotel & Conference Center, soon to be known at Columbus Marriott OSU after substantial renovations.
Guests of the hotel will enjoy a convenient location close to The Ohio State University, Riverside Methodist Hospital, Battelle, Downtown Columbus, Short North Arts District, prime shopping, entertainment and dining and select property amenities.
The development is planned to be a seven-story, limited service lodging facility featuring 152 guest rooms, breakfast and dining areas, meeting and conference space, an indoor pool, exercise facility, business center and market pantry.
Riverview Hotel LLC will create 14 new full-time permanent positions associated with this project with an associated annual payroll of $502,000.00
The Department of Development recommends a seventy-five percent (75%)/ten (10) years Enterprise Zone...
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