Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Montwards, LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Montwards, LLC is a real estate holding company that is a subsidiary of Paul V. Profeta & Associates, Inc., based in West Orange, New Jersey. After working for Eastdil in New York and then Feist & Feist in Newark, New Jersey, Mr. Profeta launched Paul V. Profeta Associates, Inc. in 1976. Paul V. Profeta & Associates, Inc. is a real estate investment company that is actively engaged in procuring value-added investment properties throughout the country. The company’s portfolio is comprised of office, industrial, retail and multi-family properties in key markets.
Montwards, LLC is proposing to invest a total project cost of approximately $12,000,000 in real property improvements to construct a speculative distribution and office warehouse facility consisting of approximately 300,000 sq. ft. located on approximately 17 +/- acres of undeveloped land located at 525 N. Nelson Road, Columbus, Ohio 43219, parcel number 010-190006 (“Project Site”). The developer anticipates that the development of the proposed project will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 4 net new full-time permanent positions with an estimated new annual payroll of approximately $124,800 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District has been advised of this project. This legislation is presented as 30-day legislation.
FISCAL IMPACT: No Funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Montwards, LLC for a tax abatemen...
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