Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 2664-2017, passed November 20, 2017, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Hubbard High Acquisition, LLC (the “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a total project cost of roughly $51,000,000 to construct a 10-story, approximately 150,000-square-foot mixed-use hotel, commercial office and retail development. Once constructed, the new mixed-use building is expected to house a nearly 7,000 square-foot ground floor restaurant space, approximately 45,000 square feet of Class A commercial office spaces on floors three through five, a Moxy Hotel on floors six through nine and a second restaurant with a roof-top bar on the 10th floor at 800 North High Street, Columbus, Ohio 43215, in the Short North Arts District (“PROJECT SITE”) and within the City of Columbus Enterprise Zone applied to parcel number 010-001383.
The “PROJECT” as related to the AGREEMENT consists of an investment of approximately $18.2 million, of the $51,000,000 total project cost, related to the aforementioned real property improvements to construct the 45,000 square feet of Class A commercial office space and the construction of 86 parking spaces (out of the aforementioned 144) in support of the office development, and the creation of 30 net new full-time permanent positions with an associated annual payroll of approximately $1.4 million at the PROJECT SITE. The AGREEMENT was made and entered into effective December 7, 2017 (EZA #023-17-12) with no real property exemption commencing after 2020 nor extend beyond 2029.
Following discussions, a letter to the CITY from Crawford Hoying Development Partners, LLC on behalf of Hubbard High Acquisition, LLC dated August 1, 2018 was received, confirming that 800 N High Investments, LLC had acquired ownership of parcel number 010-001383...
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