Explanation
BACKGROUND: The need exists to amend Ordinance No. 1624-2017 approved by Columbus City Council on July 17, 2017, which authorized the Director of the Department of Development to enter into a City of Columbus Enterprise Zone Agreement (the “AGREEMENT”) with Meritex Enterprises, Inc. dba Meritex Columbus, LLC. An amendment is now required to correct the company’s legal name from Meritex Enterprises, Inc. dba Meritex Columbus, LLC to Meritex Columbus, LLC and to revise the 90-day period needed to execute the Enterprise Zone Agreement to 90 days after the passage of this proposed legislation.
The ordinance authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement of seventy-five percent (75%) for a period of ten (10) consecutive years on real property improvements in consideration of a proposed capital investment of approximately $10,346,000 in new construction and the creation of 22 new full-time permanent positions.
Subsequent to signing the AGREEMENT, and through ensuing correspondence, it was ascertained that the company’s legal name was inaccurately inscribed on the application, and before entering into the AGREEMENT, the company’s legal name needs to be changed to reflect the proper owner of said property in order for the applicable entity to receive the anticipated benefit of the proposed tax abatement. In a written correspondence dated July 21, 2017, Meritex submitted a request to the City to change its’ legal name from Meritex Enterprises, Inc. dba Meritex Columbus, LLC to Meritex Columbus, LLC.
This legislation is requested to be considered as an emergency in order to correct the entity’s legal name from Meritex Enterprises, Inc. dba Meritex Columbus, LLC to Meritex Columbus, LLC so as to authorize the AGREEMENT with the correct entity and to revise the 90-day period needed to execute the Enterprise Zone Agreement to 90 days after the passage of this proposed legislation to allow the City to ...
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