Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Hubbard Park Place, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Hubbard Park Place, LLC is a real estate holding company that is partially owned by two separate entities, Schiff Capital Group, LLC (Schiff Capital) and Wood Operating Company, LLC. Schiff Capital is a privately held real estate and investment firm headquartered in Columbus, Ohio that specializes in buying, selling, and developing properties. Wood Operating Company, LLC is part of The Wood Companies that assisted in the revitalization of the historic Short North Arts District. Established by Sandy Wood in the late 1980’s, the company helped transform the Short North District into a vibrant community. Mark Wood, a licensed real estate broker, joined his father in the redevelopment of the District in the early 1990's, and his brother John joined the business in the early 2000's. Together, the two entities formed Hubbard Park Place, LLC.
Hubbard Park Place, LLC is proposing to invest a total cost of approximately $33.15 million to construct a 211,000 square foot mixed-use facility that will contain approximately 12,160 square feet of new Class A commercial office space. The facility will essentially have two parts, a 7-story tower and a 4-story townhouse section. The first floor will contain parking and apartments, the second level will contain new commercial Class A office space, and the remainder of the development will contain apartments on every floor. The proposed project will sit upon 1.053 acres at the intersection of Hubbard Avenue and Park Street in the historic Short North District just west of High Street. In addition, the project will create 4 new full-time permanent positions with an annual payroll of approximately $160,000.
The Department of Development recommends 75%...
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