Explanation
BACKGROUND: Community Reinvestment Areas (CRA) have been designated by Columbus City Council under the general guidelines of Ordinance 1698-78. Such areas allow for granting of real property tax incentives to encourage industrial, commercial and residential growth.
Columbus City Council (“Council”) by Ordinance No. 1292-2012, as adopted on June 18, 2012, created the Short North CRA. In addition to providing for real property tax exemptions of 100% on the increase in the assessed valuation from improvements of or to various types of residential properties and projects, Ordinance 1292-2012 also provided for real property tax exemptions of up to 100% for a period of up to 15 years for the construction of new commercial structures (including, without limitation, retail structures and parking garages). Prior to confirmation by the Ohio Department of Development, Ordinance No. 1292-2012 was amended for the first time by Ordinance No. 1735-2012, adopted by Council on July 30, 2012, to expand the boundaries of the CRA. The Short North CRA received confirmation by the Ohio Department of Development on August 15, 2012.
Lincoln Pearl LLC is a real estate holding company that is wholly owned by Wood G.P., Ltd., and is part of The Wood Companies, a real estate development organization headquartered in the city of Columbus. The Wood Companies has led the way in transforming the Short North from the dilapidated area it once was into the lively, eclectic district it is today. In partnership with their tenants, shopkeepers, startups and restauranteurs. The Wood Companies remains devoted to supporting and fostering the Short North to ensure it remains one of the great Midwest neighborhoods to live, work, and play. The current President of the company is Mark Wood, son of the founder.
Recently, Wood G.P. Ltd. partnered with 711, LLC to invest approximately $25 million related to the construction of a new 9-story 162,000-square-foot Class A commercial office f...
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