Explanation
BACKGROUND: Columbus City Council (Council), by Ordinance 0570-2011, passed April 25, 2011, authorized the City of Columbus (City) to enter into an Enterprise Zone Agreement (Agreement) with NWD Investments, LLC and Columbia Gas of Ohio, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $51 million investment in real property improvements and the retention of 650 full-time employees with an annual payroll of approximately $60 million related to the construction of two new Class A office buildings consisting of approximately 275,000 combined square feet on parcel number 010-247724, located at 240-290 Nationwide Boulevard in Columbus Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into effective December 8, 2011 (EZA #023-11-02) with the term of the abatement not to commence after 2015 nor extend beyond 2024. To date, the DTE Form 24 Tax Incentive Program Application for Real Property Tax Exemption and Remission for this project has been not filed with the Franklin County Auditor and so no forgone tax benefit has been received.
Council, by Ordinance 2649-2013, passed November 18, 2013, authorized the Director of Development to petition the Ohio Development Services Agency for an amendment to the Columbus Downtown Residential Community Reinvestment Area (CRA), originally authorized by Council by Resolution 170X-92, adopted September 28, 1992 and amended by Council by Ordinance 1345-2002, passed July 29, 2002, which among other things, revised the terms of project applicability within the CRA to include not only the renovation or construction of residential structures but to include the renovation and construction of commercial structures as well and renamed the CRA the Columbus Downtown CRA.
In a letter to the City from NWD 240 Nationwide, LLC (as successor in interest to NWD Investments, LLC) and Columbia Gas of Ohio, Inc., dated May 8, 2015, pursuant to...
Click here for full text