Explanation
BACKGROUND: Columbus City Council by Ordinance 0564-2013, passed April 1, 2013, authorized the Director of the Department of Development (City) to enter into an Enterprise Zone Agreement (Agreement) with Town Square Limited Partnership (Enterprise) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of an approximately $1,450,000 investment involving $800,000 in real property improvements, $465,000 in building acquisition and $190,000 toward equipping the facility, and the creation of two (2) full-time permanent positions with an annual payroll of approximately $80,000 related to the renovation of a mixed use facility of approximately 6,615 square feet on parcel numbers 010-291771, 010-291776, 010-291778, 010-291780 and 010-291782, located at 101 S. High Street (the Project Site) in Columbus Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into effective May 24, 2013 (EZA #023-13-02). The Agreement stated that the project would involve a total investment of approximately $930,000 for real property improvements, that construction on the project was expected to begin in July 2013 with these improvements expected to be completed by July 2014 and that no real property exemption would commence after 2015 nor extend beyond 2024.
In a letter to the City from Arshot Investment Corporation dated February 19, 2014 and concurred with in a communication from Heartland Bank dated February 27, 2014, it was indicated that pursuant to Section 7 of the Agreement, it was requested that Heartland Bank, an Ohio corporation with a mailing address of 850 N. Hamilton Road, Gahanna, Ohio 43230 be recognized as a Transferee under the Agreement with respect to parcel 010-291771 as Heartland Bank acquired title to that parcel on March 7, 2013.
This legislation is to authorize the Director of Development to amend the Agreement for the first time to add Heartland Bank as an additional party to...
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