Explanation
BACKGROUND: Columbus City Council, by Ordinance 1200-2008, passed July 14, 2008, authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement (the Agreement) with NetJets Inc., its subsidiaries and affiliates and FlightSafety International, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of an $85,000,000 investment in real property improvements, a $110,000,000 investment in personal property, the retention of 1,974 jobs and the creation of 810 permanent full time jobs related to the addition to an existing facility of approximately 415,000 square feet at 4111 Bridgeway Avenue in Columbus Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into effective October 10, 2008 (EZA #023-08-07). The Agreement was subsequently authorized by Council to be amended to remove any and all language pertaining to personal property investment and tax abatements related to this personal property investment from the Agreement by Ordinance 0614-2009, passed May 11, 2009. The Agreement was subsequently authorized by Council to be amended again to replace NetJets Inc., its subsidiaries and affiliates and FlightSafety International, Inc. together shown as “Enterprise” on the Agreement, with NetJets Inc, to be “Enterprise” and Bridgeway Partners LLC to be “Owner,” to revise the scope of the project from the construction of approximately 415,000 square feet on parcel numbers 520-164554, 520-164562, 520-164561, 010-260377, 010-254180, 010-254179, 010-283055 and 010-003380 at 4111 Bridgeway Avenue, Columbus, Ohio 43219 to the construction of a new facility of approximately 140,000 square feet on all or part of parcel numbers 010-003380, 520-164554, 520-164562 and 520-164563 at 4151 Bridgeway Avenue in Columbus, to revise the investment in real property improvements from $85,000,000 to $15,000,000, to revise the job retention number from 1,974 jobs ...
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