Explanation
BACKGROUND: Columbus City Council (Council), by Ordinance 1902-2015, passed July 27, 2015, authorized the City of Columbus (City) to enter into an Community Reinvestment Area Agreement (the Agreement) with N.P. Limited Partnership (Enterprise) for a tax abatement of one-hundred percent (100%) for a period of ten (10) years in consideration of a proposed $24 million investment in real property improvements, the creation of 708 full-time jobs with an associated annual payroll of approximately $45,489,000 upon full build-out and occupancy and the relocation of 177 employees currently employed within the City related to the construction of a series of buildings containing speculative office space (either primarily or as one component of mixed-use buildings) totaling approximately 177,000 square feet along with two associated 600 space parking structures on one newly expanded parcel, 318-431-01-017-000 (recently combined from the two adjacent parcels 318-431-01-017-000 and 318-431-01-013-003), zip code 43240 in Delaware County within the City of Columbus and within the Old State Road Community Reinvestment Area (The Project Site). The Agreement was made and entered into effective October 23, 2015 (CRA #049-00960-06/15-001) with the abatement to commence no later than tax year 2026 nor extend beyond tax year 2035.
Within recitation paragraph four of the Agreement it is noted that it is expected that the Enterprise will assign the Agreement to a joint venture to be formed by the Enterprise or one or more of its affiliates or owners and VanTrust Real Estate, LLC or one or more of its affiliates or owners.
Within Section 23 of the Agreement (Transfer and/or Assignment), it is stated that the Agreement “is not transferable or assignable without the express, written, approval of the CITY,” that the “CITY hereby expressly approves any assignment from the ENTERPRISE of all or a portion of the ENTERPRISE’s rights and obligations under this Agreement to the Colum...
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