Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 0722-2014, passed April 7, 2014, authorized the City of Columbus (CITY) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with AirSide One LLC (the “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $6.0 million investment in real property improvements and the creation of 10 full-time jobs with an associated annual payroll of approximately $350,000 related to the construction of a new 100,000-square-foot speculative office and distribution center on parcel number 520-164556, within the City of Columbus Enterprise Zone. The AGREEMENT was made and entered into effective June 19, 2014 (EZA #023-14-03) with the abatement currently effective from 2015-2024. Following execution of the AGREEMENT, the parcel was split and the abatement now applies to parcel number 520-293795 at 4480 Bridgeway Avenue, Columbus, OH 43219.
Following discussions, a letter to the CITY from The Daimler Group, Inc. on behalf of AirSide One dated February 6, 2018 was received February 9, 2018, confirming that BVK US II Columbus, LLC had acquired ownership of parcel number 520-293795 from AirSide One LLC on February 2, 2018. Due diligence has been undertaken by the CITY in that BVK US II Columbus, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application and that this application and all other pertinent information has been reviewed and vetted.
This legislation is to authorize the Director of the Department of Development to amend the AGREEMENT for the first time to remove AirSide One LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with BVK US II Columbus, LLC as ENTERPRISE and party to the AGREEMENT, whereby BVK US II Columbus, LLC will assume the terms and commitments of the AGREEMENT.
This legislation ...
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