Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 93 OHRPT, LLC, Ronald Benderson 1995 Trust and Benderson 85-1 Trust dba Benderson Development Company. 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.
93 OHRPT, LLC, Ronald Benderson 1995 Trust and Benderson 85-1 Trust are real estate holding companies owned by the Benderson family and part of Benderson Development Company. Established by Nathan Benderson in the fall of 1949, and operational for more than 60 years, Benderson Development Company is one of the largest privately held real estate companies in North America. The company owns and manages over 700 properties encompassing over 40 million square feet in 38 states. The diverse Benderson Development Company portfolio includes retail, office, industrial, hotel, residential and land holdings.
Benderson Development Company proposes to construct two separate speculative Class A light industrial/flex facilities including one at 148,750 square feet and another at 119,000 square feet for a total of approximately 267,750 square feet. The buildings will be suitable for a single tenant or multiple tenants in each facility at 6380 - 6492 and 6530 Tussing Road Columbus, Ohio 43068, parcel numbers 010-200001, 010-007362 and 010-238624, inside the Consumer Square East Business Park.
A total capital investment of $8,032,500 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 20 new full-time permanent positions with an estimated new annual payroll of approximately $700,000.
The Department of Development recommends an Enterprise Zone Tax Abatement of seventy-five percent (75%) for a period of ten (10) consecutive y...
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