Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1275-2009, passed October 26, 2009, authorized the City of Columbus (CITY) to enter into an Enterprise Zone Agreement (the AGREEMENT) with Continental/Olentangy Hotel, LLC (ENTERPRISE) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $13.6 million investment in real property improvements and the creation of 15 full-time jobs with an associated annual payroll of approximately $527,000 related to the construction of a new 4-story limited service hotel with approximately 134 rooms, associated parking and landscaping amenities on parcel numbers 010-077863 and 010-040234, plus a parcel to be added to parcel number 010-077863, located at 1421-1437 Olentangy River Road in Columbus, Ohio and within the City of Columbus Enterprise Zone. The AGREEMENT was made and entered into effective January 20, 2010 (EZA #023-10-01) with the abatement currently effective from 2012-2021 applied to parcel number 010-077863. The AGREEMENT was subsequently amended for the first time to replace Continental/Olentangy Hotel, LLC as ENTERPRISE with Black Sapphire C Columbus University 2014 Inc. as Continental/Olentangy Hotel, LLC had sold its real estate ownership interest in the project to Black Sapphire C Columbus University 2014 Inc. which agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT by Ordinance No. 1557-2014, passed July 14, 2014, entered into and effective September 10, 2014.
The job and payroll commitments of the ENTERPRISE as per the AGREEMENT are 15 new jobs to be created as a result of the project with a commensurate total annual payroll of $527,000. The original application from 2010 indicated that all 15 new commitments were to be at $12 per hour or higher. City policy is to only incentivize full-time jobs that pay at least $12 per hour, so although the Report Year 2015 annual report submitted fo...
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