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File #: 3016-2019    Version: 1
Type: Ordinance Status: Passed
File created: 11/8/2019 In control: Economic Development Committee
On agenda: 11/25/2019 Final action: 11/27/2019
Title: To authorize the Director of the Department of Development to amend the Community Reinvestment Area Agreement on parcel 495-300106 with Pizzuti Land LLC and Columbus-Franklin County Finance Authority to remove Pizzuti Land LLC as a party, to be replaced with Rickenbacker West Owner 2-3, LLC for purposes of assignment and assumption of the agreement; and to declare an emergency.
Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1837-2019, passed July 22, 2019, authorized the City of Columbus (“CITY”) to enter into a Community Reinvestment Area Agreement (the “AGREEMENT”) with Pizzuti Land LLC (the “ENTERPRISE”) and Columbus-Franklin County Finance Authority for a tax abatement of one hundred percent (100%) for a period of fifteen (15) years in consideration of a proposed investment of approximately $17,202,912 in real property improvements and the creation of 10 full-time jobs with an associated annual payroll of approximately $312,000 related to the construction of a new 277,692-square-foot speculative industrial warehouse facility located on parcel number 495-234526, within the City of Columbus Community Reinvestment Area. The AGREEMENT was made and entered into effective August 29, 2019, with the abatement to begin no later than 2022 nor extend beyond 2036 to be applied to parcel number 495-300106 (having been split from parent parcel 495-234526 on September 3, 2019).

In a letter from the ENTERPRISE dated September 5, 2019, received by the CITY and through ensuing correspondence, the ENTERPRISE confirmed that Rickenbacker West Owner 2-3, LLC had acquired ownership of parcel number 495-300106 from Pizzuti Land LLC on September 3, 2019. Due diligence has been undertaken by the CITY in that Rickenbacker West Owner 2-3, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application and that this application and all other pertinent information has been reviewed and vetted.

This legislation is to authorize the Director of the Department of Development to amend the AGREEMENT for the first time to remove Pizzuti Land LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with Rickenbacker West Owner 2-3, LLC as ENTERPRISE and party to the AGREEMENT, whereby Rickenbacker West Owner 2-3, LLC will as...

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