Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 1086 North Fourth St. LS, LLC and Lykens Companies LLC. The Ohio Enterprise Zone law (Section 5709.62(C) of the Ohio Revised Code) requires the City to enter into Council-approved agreements between the City and participating companies.
1086 North Fourth St. LS, LLC is a real estate holding company that was recently created for the sole purposes of acquiring, owning, renovating, redeveloping and converting an old manufacturing facility into a productive mixed-use facility. Lykens Companies LLC is a locally owned business that has specialized in residential and commercial real estate development since 1999. The company serves urban communities of Central Ohio with an eye toward historical preservation. Their goal is to provide its clients with new innovative designs that accommodate their needs, budgets, and lifestyles while maintaining whatever made that specific property special in the first place. Both aforementioned companies are owned and operated by Kevin Lykens.
1086 North Fourth St. LS, LLC proposes to invest a total project cost of approximately $5,456,375, which includes $4,756,375 in real property improvements and another $300,000 in improvements for retail space, $200,000 in machinery and equipment, $200,000 in furniture and fixtures to renovate, redevelop and convert a vacant manufacturing facility (known as The Budd Dairy Building) into a new mixed-use Class A commercial office. The proposed mixed-use facility will contain approximately 35,000 sq. ft. +/- of new Class A office space, which will include an Entrepreneurial center and a co-working space, and approximately 5,451 sq. ft. +/- of retail space at 1086 N. 4th Street Columbus, Ohio 43201, parcel number 010-009127. Lykens Companies LLC will be one of the office tenants and employer of record, and enter into a lease agreement with 1086 North Fourth St., LS to expand and relocate its corporate headqu...
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