Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with AirSide Three LLC. 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.
Established in December 2016, AirSide Three LLC’s primary business is ownership of real estate used for office and distribution. AirSide Three LLC proposes to construct a 100,000-square-foot speculative office and distribution center on parcel number 520-164556 further known as 4580 Bridgeway Avenue, Columbus, OH 43219), presently owned by the Columbus Regional Airport Authority.
A total capital investment of approximately $6,100,000 is proposed at the site for new building construction. The developer anticipates that the construction of this facility will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 10 new full-time permanent positions with an estimated new annual payroll of approximately $350,000 as a result of the project.
The Department of Development recommends an Enterprise Zone Tax Abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements.
The Gahanna-Jefferson Schools Board of Education and the Eastland-Fairfield Career & Technical Schools Board of Education have been advised of this project.
This legislation is requested to be considered as an emergency in order to allow AirSide Three LLC to begin the aforementioned construction project in an expedient manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with AirSide Three LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed capital investment of approximately $6,100,000.00 for new bui...
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