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File #: 0724-2017    Version: 1
Type: Ordinance Status: Passed
File created: 3/10/2017 In control: Economic Development Committee
On agenda: 4/3/2017 Final action: 4/5/2017
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with The Gravity Project, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed investment of $11.48 million in real property improvements and the creation of 50 new full-time permanent positions.
Attachments: 1. ORD0724-2017 The Gravity Project - Project Site Map, 2. ORD0724-2017 The Gravity Project - Fact Sheet
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement The Gravity Project, 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 Gravity Project, LLC is a newly formed LLC established in December of 2016. The primary business is ownership of real estate used for office, retail and residential (mixed-use). The company’s CEO is Brent Kaufman of Kaufman Development, which is a real estate development company headquartered in Columbus, Ohio. Brett Kaufman has been working in real estate development and investing in various types of development projects for more than 17 years. During this time, he has developed, leased and/or sold over 10,000 homes and a variety of commercial, retail, land and commercial office projects. He was twice named Developer of the Year by the Building Industry Association (BIA), past president of the Columbus Apartment Association and serves on many civic boards throughout Central Ohio. In 2012, he was named Next Generation Builder of the Year by the BIA, and in 2014, Brett was honored as EY's Emerging Entrepreneur of the Year.

The Gravity Project, LLC is proposing to redevelop Wasserstrom’s vacant warehouse (parcel number 010-002012, 462 - 500 W. Broad St.), the Phillip’s Coney Island property (parcel number 010-057537, 450 W. Broad St.) and an adjacent vacant lot parcel located just north of those two properties (parcel number 010-057536, situated across W. Gay St.) into a 275,000 square-foot mixed-use development in East Franklinton. The project will involve a total investment of approximately $70.8 million, which include $3.63 million in acquisition costs and $67.17 million in real property improvements. The proposed mixed-use development will consist of a new 5-story Class A commercial office facility of approximately 50,000 square feet, a 6-story residential unit comprised of approxi...

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