Explanation
BACKGROUND: The need exists to amend the Community Reinvestment Area Agreement between the City of Columbus and E.W. High Street, LLC & E.W. Hubbard High, LLC. Columbus City Council (COUNCIL), by Ordinance No. 1581-2012, passed July 16, 2012, authorized the provision of certain tax exemptions within the Short North Community Reinvestment Area for the purpose of encouraging economic development and development of a 250 space public parking garage within the area and to authorize the execution of a Community Reinvestment Area Agreement necessary to grant those exemptions. Forthwith, the City of Columbus (CITY) entered into an Community Reinvestment Area Agreement (the AGREEMENT) with E.W. High Street, LLC & E.W. Hubbard High, LLC (OWNER) with the AGREEMENT being for a tax abatement of one-hundred percent (100%) for a period of fifteen (15) years in consideration of a total investment expected to exceed $10 million, including $7.2 million for new construction related to the retail portion of a proposed mixed-use building and a 250-space parking garage (the “EXEMPT FACILITY”) and the creation of approximately 30 full-time equivalent job opportunities with an associated estimated annual payroll of approximately $2,950,000 related to construction of the EXEMPT FACILITY with the entire project consisting of a mixed-use building expected to consist of 72 apartments and approximately 17,000 square feet of retail space along with a parking garage consisting of 250 public spaces and 72 spaces to serve the residents of the apartments in the mixed-use building at the northeast corner of Hubbard Avenue and North High Street in Columbus, Ohio (the “PROJECT SITE”) and within the Short North Community Reinvestment Area. The AGREEMENT was made and entered into effective September 5, 2012 (CRA #049-18000-40/15-100) with the abatement currently effective from 2014-2028.
Based on a recommendation from the 2017 Tax Incentive Review Council (the “TIRC”), the AGREEMENT wa...
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