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.
The Brunner Building, 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 The Brunner Building, LLC
The Brunner Building, LLC is proposing to invest a total cost of approximately $12.64 million to construct a 6-story 71,000 square foot mixed-use facility that will contain approximately 11,510 square feet of new Class A commercial office space at $1.94 million. The 6-story facility will include storage and parking on the lowest level, the 1st floor includes retail and parking, the 2nd floor will contain approximately 11,510 square feet of new Class A commercial office space, floors three through five will consist of 33 residential units and the 6th floor with consist of three penthouse apartments along with a clubhouse. In addition, the project will create 4 new full-time permanent positions with an estimated annual payroll of approximately $160,000 at 930-940 N. High Street in the historic Short North District.
The Department of Development recommends 7...
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