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File #: 1701-2019    Version: 1
Type: Ordinance Status: Passed
File created: 6/13/2019 In control: Economic Development Committee
On agenda: 7/22/2019 Final action: 7/25/2019
Title: To authorize the Director of the Department of Development to enter into a Downtown Office Incentive Agreement with ORIX Real Estate Capital Holdings, LLC dba Lancaster Pollard Mortgage Company and Red Mortgage Capital.
Attachments: 1. ORD1701-2019 ORIX - Project Site Map, 2. ORD1701-2019 ORIX - Fact Sheet
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with ORIX Real Estate Capital Holdings, LLC dba Lancaster Pollard Mortgage Company and Red Mortgage Capital (“ORECH”).

Lancaster Pollard, established in 1988, is an underwriter of fixed income securities with a focus on serving the health and long-term care sectors. The firm has grown into a full-service financial institution for health care and senior living facilities. RED Mortgage Capital Group provides financial services in the multifamily, affordable and seniors housing and healthcare markets. The two companies merged on January 1, 2019 into one company called ORIX Real Estate Capital Holdings, LLC. ORECH provides comprehensive capital solutions for multifamily, affordable, seniors and healthcare real estate through its affiliated companies. The lending businesses of Lancaster Pollard Mortgage Company and Red Mortgage Capital continue to originate business under their existing brands and maintain their sector focus. ORECH’s parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 36 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX).

ORECH is proposing to invest a total project cost of approximately $200,000 in stand-alone computers to expand its regional office in the Central Business District. The company is proposing to reconfigure its existing office space of approximately 68,874 square feet located at 10 West Broad Street, Columbus, Ohio 43215 (the “Project Site”), to accommodate the company’s increased sales growth and continued investment in senior housing, healthcare, market-rate multifamily and affordable housing. Additionally, ORECH proposes to create 62 net new full-time permanent positions with an annual payroll of approximately $6,100,000 and retain 187 full-time position...

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