Explanation
BACKGROUND: Columbus City Council, by Ordinance 1268-2013, passed June 17, 2013, authorized the City of Columbus to enter into an Enterprise Zone Agreement (Agreement) with Plaza Core Hotel LLC (Enterprise) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $20.4 million investment in real property improvements, the retention of three (3) full time positions and the creation of twenty-six (26) permanent full-time positions with an associated annual payroll of approximately $1,063,000 related to the renovation and expansion of a 243-room hotel of approximately 152,812 square feet on Parcel No. 010-117351, located at 3110 Olentangy River Road in Columbus Ohio and within the City of Columbus North Enterprise Zone (Zone 393). The Agreement was made and entered into effective August 12, 2013 (EZA #393-13-08) with construction of the project expected to begin in the summer of 2013 and all real property improvements expected to be completed by May 2014. No real property exemption was to commence after 2015 nor extend beyond 2024.
Discussion began in 2014 and continued into 2015 regarding the inability of the Enterprise to begin the project as described in the Agreement and following a series of meetings it was confirmed that the principals of Continental Real Estate Companies and Concord Hospitality acquired all of the interest in UPH Holdings, LLC and ownership of Parcel No. 010-117351 was transferred from Plaza Core Hotel LLC to UPH Holdings, LLC on July 18, 2014. The facility will be a Marriott flagged full-service hotel along with a Residence Inn by Marriott extended stay hotel with this dual flagged facility being the first project in the country with these two brands in one building. The revised scope of the project is a proposed investment of approximately $35 million in real property improvements and the creation of 15 new permanent full-time jobs with an annual payroll of approximately $8...
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