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File #: 2012-2020    Version: 1
Type: Ordinance Status: Passed
File created: 9/1/2020 In control: Economic Development Committee
On agenda: 9/21/2020 Final action: 9/24/2020
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with HQ Office I LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the company’s proposed capital investment of $19,200,000.00 in real property improvements, and the creation of 15 new full-time permanent positions.
Attachments: 1. ORD2012-2020 HQ Office I LLC Site Map 8.10.20, 2. ORD2012-2020 HQ EZ - Fact Sheet
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with HQ Office I LLC. The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code requires the City to enter into Council-approved agreements between the City and participating companies.

Established in December 2019, the primary business of HQ Office I LLC is the ownership of real estate used for office. HQ Office I LLC, a wholly owned subsidiary of Columbus-based developer Hamilton Crossing LLC, proposes to construct a 141,000-square-foot speculative Class A office building at 4960 E. Dublin Granville Road, Columbus, Ohio 43081.

HQ Office I LLC proposes to invest a total project cost of approximately $19,200,000 in real property improvements to construct an approximately 141,000 square-foot speculative Class A office building at 4960 E. Dublin Granville Road, Columbus, Ohio 43081, parcel number 010-221377 (“Project Site”). Additionally, the company will create 15 net new full-time permanent positions with an estimated annual payroll of approximately $750,000 at the proposed Project Site.

The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.

The City of Columbus School District has been advised of this project.

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 HQ Office I LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the company’s proposed capital investment of $19,200,000.00 in real property improvements, and the creation of 15 new full-time permanent positions.

Body
WHEREAS, by City Council Ordinance No. 0427-03 passed March 31, 2003, the City designated the area known as the Columbus North Enterprise Zone as an "MSA principal city non-distressed based jobs and enterprise zone" pursuant to Ch...

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