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File #: 2908-2015    Version: 1
Type: Ordinance Status: Defeated
File created: 11/10/2015 In control: Development Committee
On agenda: 11/19/2018 Final action: 11/19/2018
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Heartland Bank for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years on real property improvements in consideration of a proposed capital investment of approximately $7.016 million for new construction and real property improvements.
Attachments: 1. ORD2908-2015 Heartland Bank - EZA Fact Sheet, 2. ORD2908-2015 Heartland Bank - Project Site Map EZ
Explanation

BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Heartland Bank. 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.

Tiney M. McComb formed Heartland BancCorp in 1988 with purchased shares of Croton Bank. Heartland Bank is a subsidiary of Heartland BancCorp, a registered Ohio bank holding company. The financial institution is a state-chartered bank, a member of the Federal Reserve and Federal Deposit Insurance Corporation. Heartland Bank offers a complete line of loan and deposit products that include: package checking accounts, savings accounts, business express, investments, retirement products, home equity loans, construction, lot and mortgage loans, Intranet banking, money market accounts, individual retirement accounts and certificates of deposit. Other personal banking services include wire transfers, money orders, safe deposit boxes and travelers checks.

Heartland Bank is proposing to invest approximately $7.871 million, which includes $7.016 million in new construction and real property improvements, and $855,000 in machinery, equipment, stand-alone computers, furniture and fixtures to renovate and redevelop the old vacant Port Columbus Terminal and Hangar (which opened in 1929, and is listed on the National Register of Historic Places). Heartland Bank plans to relocate its corporate headquarters and operations from the City of Gahanna to the Columbus community. The old terminal, consisting of approximately 11,222 square feet, will be renovated, redeveloped, and reused as Heartland Bank’s corporate headquarters while the hangar will be used as the company’s operations center, expanding the hangar from 41,637 square feet to approximately 50,905 square feet. In addition, Heartland Bank will create 16 new full-time permanent positions with an estimated annual payroll of approximately $83...

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