Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1205-2018, passed May 14, 2018, authorized the City of Columbus (CITY) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Columbus Industrial Owner I, LLC (hereinafter “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of the company’s investment of approximately $15 million in real property improvements and the creation of five (5) net new full-time permanent positions with a total payroll of approximately $156,000. The project involved the construction of an approximately 280,000 square foot speculative industrial warehouse on the east side of Walcutt Road, north of Trabue Road on Parcel Number 560-184817 located within the Hilliard City School District and the Tolles Career & Technical Center and within the Columbus Enterprise Zone, (hereinafter referred to as the “PROJECT”). The AGREEMENT was made and entered into effective August 13, 2018.
In a letter dated March 12, 2019 from a representative of the ENTERPRISE, the City was notified of a parcel split and property transfer that occurred in the fall of 2018 between Columbus Industrial Owner I, LLC and its affiliate HCP 1860 Walcutt Road, LLC. The letter requested that the AGREEMENT be amended to (i) assign the Agreement to HCP 1860 Walcutt Road, LLC; and (ii) redefine the Project Site as the 20.118 acre parcel transferred to HCP 1860 Walcutt Road, LLC and identified as parcel number 560-298454.
This legislation is to authorize the Director of the Department of Development to amend the AGREEMENT for the first time by revising the project scope to (i) assign the AGREEMENT to HCP 1860 Walcutt Road, LLC, whereby HCP 1860 Walcutt Road, LLC will assume the terms and commitments of the AGREEMENT; and (ii) redefine the Project Site as the 20.118 acre parcel split from the original parcel, transferred to HCP 1860 Walcutt Road, LLC and identified as parcel number 560-...
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