Explanation
BACKGROUND: The need exists to amend the Enterprise Zone Agreement between the City of Columbus and Columbus Equipment Company & CEC Real Estate Performance, LLC. Columbus City Council (COUNCIL), by Ordinance No. 1349-2013, passed June 17, 2013, authorized the City of Columbus (CITY) to enter into an Enterprise Zone Agreement (the AGREEMENT) with Columbus Equipment Company (ENTERPRISE) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of an approximate $2 million investment in real property improvements, the retention of 74 existing full-time jobs and the creation of two (2) full-time permanent positions with an annual payroll of approximately $80,000 related to the renovation of an approximately 16,000 square foot vacant commercial building located at 2325 Performance Way, Columbus, OH 43207, parcel number 010-102565, within the Columbus City School District and within the City of Columbus Enterprise Zone. The AGREEMENT was made and entered into effective August 12, 2013 (EZA #023-13-04). The AGREEMENT stated that construction on the improvements (the PROJECT) was expected to begin July, 2013 and that all real property improvements were expected to be completed by December 2014 and that no real property exemption was to commence after 2015 nor extend beyond 2024; however, due to delays, the project began in 2015 and was completed by the end of February 2016. The AGREEMENT was subsequently authorized by COUNCIL to be amended for the first time to add CEC Real Estate Performance, LLC as OWNER alongside Columbus Equipment Company as ENTERPRISE by Ordinance No. 0207-2018, passed January 22, 2018, thereby allowing CEC Real Estate Performance, LLC as OWNER to successfully file the DTE-24 for the abatement per Section 6 of the AGREEMENT.
The CITY was advised by the Franklin County Auditor (the AUDITOR) in November 2019 that the Ohio Department of Taxation (TAXATION) issued their FINAL DETERMINATION on the ...
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