Explanation
BACKGROUND: Columbus City Council, by Ordinance 1481-2012, passed July 16, 2012, authorized the City of Columbus to enter into an Enterprise Zone Agreement (the Agreement) with Amamata, LLC (Enterprise) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a $3 million investment in real property improvements and the creation of forty (40) new full-time permanent positions with an annual payroll of approximately $1.4 million related to the renovation of a vacant commercial office facility of approximately 51,000 square feet at 6400 East Broad Street on parcel number 520-121657 (the Project Site), in Columbus Ohio, within the Gahanna-Jefferson City School District and within the City of Columbus (aka Central) Enterprise Zone. The Agreement was made and entered into effective August 29, 2012 (EZA #023-12-04). The Agreement stated that construction on the improvements (the Project) was expected to begin in July 2012 with all real property improvements expected to be completed by December 2013, and that no real property exemption was to commence after 2014 nor extend beyond 2023.
On August 6, 2015 a Project Site visit was conducted, and on August 11, 2015 a letter from Amamata, LLC was received indicating that due to many unforeseen conditions the construction was not completed until March 2015 and it was requested that the allowable dates for the tax abatement term could be changed so that the abatement term could begin in 2016 and end in 2025.
The City reported to the 2015 TIRC on August 20, 2015 the status of the Project and the recommendation of the TIRC was to continue and amend the Agreement to extend the construction window and the tax abatement application window.
This legislation is to authorize the Director of Development to amend the Agreement for the first time to (1) state that the Project is expected to begin July 2012 and that all improvements are expected to be completed by December 31, 201...
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