Explanation
BACKGROUND: Community Reinvestment Areas (CRAs) have been designated by Columbus City Council (“Council”) under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial, and residential growth.
Columbus City Council by Resolution Number 0090X-2007, as approved on June 11, 2007 and certified by the State of Ohio on July 14, 2007, created the Rickenbacker Community Reinvestment Area (the “Rickenbacker CRA"), which Council subsequently amended by Resolution Number 0318X-2011 on December 5, 2011 and certified by the State of Ohio on January 23, 2012, providing for tax exemptions for improvements to real property up to one hundred percent (100%) not exceeding fifteen (15) years for the new construction of non-retail, non-hotel, non-residential business or industrial structures as described in Section 3735.67 of the Ohio Revised Code.
Rickenbacker West Owner, LLC, an affiliate of Columbus-based real estate development company The Pizzuti Companies (“Pizzuti”), is proposing to construct an 802,149-square-foot industrial warehouse on parcel numbers 495-234526-00 and 495-287286-00 off of Beggrow Street, Columbus, Ohio 43137 (“Project Site”).
The new warehouse will be in a premier location within the Rickenbacker Community Reinvestment Area (“Rickenbacker CRA”) and the Rickenbacker Inland Port and is part of a three-building development plan which can support up to 1.5 million square feet of development. Rickenbacker West features large, rail-served cross-dock facilities and is located in an industrial corridor adjacent to Norfolk Southern’s Rickenbacker Intermodal Terminal. As constructed, the project will preserve the ability to expand the building to a total of approximately 1 million square feet.
Rickenbacker West Owner, LLC expects to invest a total of approximately $34.4 million in order to construct the building and has estimated that the new warehouse will...
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