Explanation
BACKGROUND: The need exists to amend Ordinance 0436-2020 approved by Columbus City Council on March 2, 2020, which authorized the Director of the Department of Development to enter into a City of Columbus Enterprise Zone Agreement (the “AGREEMENT”) with Andelyn Biosciences, Inc. (“Andelyn”). An amendment is now required to revise the 180-day period needed to execute the City of Columbus Enterprise Zone Agreement, to modify the projected new job creation goal, along with the associated annual payroll, to add a retention component to the AGREEMENT along with the associated annual payroll, and to add an additional entity to the City of Columbus Enterprise Zone.
Ordinance number 0436-2020 authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement of one-hundred percent (100%) for a period of fifteen (15) consecutive years in consideration of the company’s proposed total capital investment of approximately $74,000,000, which includes $64,000,000 in real property improvements, $7,000,000 in machinery and equipment, and $3,000,000 in furniture and fixtures to construct a new manufacturing facility consisting of approximately 85,000 square feet on roughly 7.8 +/- acres of undeveloped land (the “Project”), located near the SW Corner of Lane Avenue and Carmack Road, Columbus, Ohio 43221 (the “Project Site”). Additionally, the company has committed to create 170 net new full-time permanent positions with an estimated annual payroll of approximately $15,437,800 at the Project Site.
On September 1, 2020, the Department of Development received a written notification from Andelyn requesting the need to extend the window to execute the AGREEMENT. The company is in negotiations with a third party for a long-term lease agreement on the Project Site and needs additional time to finalize and execute that lease agreement. Additionally, Andelyn anticipates that many of the employees to be hired by Andelyn will be hired prior t...
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