Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with AirSide Two LLC. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into a Council-approved agreement between the City and participating companies.
Established in May of 2015, AirSide Two LLC’s primary business is ownership of real estate used for office and distribution. AirSide Two LLC proposes to construct a 100,000-square-foot speculative office and distribution center on parcel number 520-164556 (currently addressed 4510 Bridgeway Avenue, Columbus, OH 43219), presently owned by the Columbus Regional Airport Authority.
A total capital investment of approximately $6,000,000 is proposed at the site for new building construction. The developer anticipates that the construction of this facility will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 10 new full-time permanent positions with an estimated new annual payroll of approximately $350,000 as a result of the project.
The Department of Development recommends an Enterprise Zone Tax Abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements.
The Gahanna-Jefferson Schools Board of Education and the Eastland-Fairfield Career & Technical Schools Board of Education have been advised of this project. This legislation is presented as 30 day legislation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with AirSide Two LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed capital investment of approximately $6,000,000.00 for new building construction.
Body
WHEREAS, the Columbus City Council authorized the designation of the Central Enterprise Zone by legis...
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