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File #: 1917-2017    Version: 1
Type: Ordinance Status: Passed
File created: 7/7/2017 In control: Economic Development Committee
On agenda: 7/31/2017 Final action: 8/3/2017
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with 1201 Dublin Road, LLC and The Zimmerman Companies, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a total proposed capital investment of approximately $5.278 million, the creation of 6 new full-time permanent positions and the retention of 6 full-time jobs.
Attachments: 1. ORD1917-2017 1201 Dublin Rd - Project Site Map, 2. ORD1917-2017 1201 Dublin Rd - Fact Sheet
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 1201 Dublin Road, LLC and The Zimmerman Companies, 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.

Headquartered in the City of Columbus, 1201 Dublin Road, LLC is a real estate holding company that is owned by Richard S. Zimmerman, Jr. and April Zimmerman Katz, a father and daughter partnership recently formed in the spring of 2017. Mr. Zimmerman has successfully managed the family’s primary business of owner-managed multi-family housing units and tennis clubs since 1970. In January of 2017, The Zimmerman Companies, LLC was formed by April Zimmerman Katz, owner and President, to act as the management company for all family-owned properties and made a strategic company decision to expand into the area of co-working/shared office spaces.

1201 Dublin Road, LLC proposes to invest a total project cost of approximately $5.278 million, which includes $3.85 million in acquisition cost, $1.068 million in real property improvements and $360,000 in furniture and fixtures to acquire, renovate, redevelop and own a vacant commercial office facility (known as the Zaner-Bloser building) at 1201 Dublin Road Columbus, Ohio, 43215, parcel number 010-104463. The Zimmerman Companies, LLC will be the tenant and employer of record, and enter into a lease agreement with 1201 Dublin Road, LLC to expand and relocate its corporate headquarters (HQ) from Nationwide Blvd. to the proposed project site. Additionally, the company will retain and relocate 6 full-time employees with an associated annual payroll of approximately $332,700 and create 6 new full-time permanent positions with an estimated annual payroll of approximately $260,000. The Zimmerman Companies, LLC corporate HQ will occupy the 4th floor of the 29,000 sq. ft. building. Leasable shared co-working space will complete ...

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