Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Airside Five 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.
Established in May of 2019, the primary business of Airside Five LLC is the ownership of real estate used for office and distribution. Airside Five LLC is an affiliate of Columbus-based developer The Daimler Group, Inc.
Airside Five LLC proposes to invest a total cost of approximately $8,000,000.00 in real property improvements to construct a new speculative office and distribution center consisting of approximately 140,000 sq. ft. +/- at Bridgeway Avenue, Columbus, Ohio, parcel number to be designated, created from portions of parcels 520-164563, 520-263243, 520-263245, 520-263244, 520-164555, and 520-287806 (“Project Site”). It is estimated that the new development will support the creation of 10 net new full-time permanent positions to the City of Columbus with an associated new annual payroll of approximately $350,000.00 by the end of the third full year of operation (estimated to be December 31, 2022). As this is a speculative development, the exact number of full-time permanent positions expected to be relocated to the site is unknown.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Gahanna Jefferson City School District and Eastland-Fairfield Career and Technical Schools have 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 Airside Five 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 $...
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