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File #: 1731-2019    Version: 1
Type: Ordinance Status: Passed
File created: 6/18/2019 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 an Enterprise Zone Agreement with Pinchal & Company LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a total proposed capital investment of approximately $10,190,000.00 and the creation of 4 net new full-time permanent positions with an estimated annual payroll of approximately $124,800.00.
Attachments: 1. ORD1731-2019 Pinchal & Company - Fact Sheet EZ, 2. ORD1731-2019 Pinchal & Company - Project Site Map(2)
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Pinchal & Company LLC (“Pinchal & Company”). 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.

Pinchal & Company is a privately owned real estate investment company that focuses on development, acquisition, operation and portfolio management throughout the United States. The company has acquired more than 30 million square feet of institutional grade industrial product and often owns approximately 5 million square feet at any given time. Pinchal & Company serves a range of tenants, including Fortune 500 Companies, government agencies, and investment grade companies. Pinchal & Company was founded in 1986 and is headquartered in Houston, Texas.

Pinchal & Company is proposing to invest a total project cost of approximately $10,190,000, which includes approximately $1.16 million in acquisition cost and $9.03 million in real property improvements to construct a new speculative distribution and warehouse facility consisting of approximately 200,000 square feet on the SE corner of London Groveport Road and Shook Road, Columbus, Ohio 43137, parcel numbers 512-232659 and 512-232662 (the “Project Site”). The company 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.

Hamilton Local School District and Eastland Joint Vocational School District have been advised of this project.

This legislation is presented as 30-day legislation.

FISCAL IMPACT: No Funding is required for this legislation.

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