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File #: 2511-2020    Version: 1
Type: Ordinance Status: Passed
File created: 10/30/2020 In control: Economic Development Committee
On agenda: 11/23/2020 Final action: 11/25/2020
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Marble Cliff Canyon, LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed capital investment of approximately $9,200,000.00 in real property improvements and the creation of 5 net new full-time permanent positions with an estimated annual payroll of approximately $175,000.00.
Attachments: 1. ORD2511-2020 Marble Cliff - Project Site Map, 2. ORD2511-2020 Marble Cliff - Fact Sheet (EZ)
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Marble Cliff Canyon, 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.

Headquartered in Columbus, Ohio, Marble Cliff Canyon, LCC (“MCC”) is a real estate holding company that is a subsidiary of Thrive Companies, previously known as Wagenbrenner Development. Wagenbrenner Development was a real estate development and construction company, which recently re-branded its name and is now known as Thrive Companies. The company specializes in acquiring blighted and underutilized properties and redeveloping them to their highest and best use. The company’s primary business is to own, develop, and lease mixed-use properties including office, multi-family, retail, and parking structures.

MCC is proposing to invest a total project cost of approximately $10,845,000 which includes $9,200,000 in real property improvements, $145,000 in acquisition cost, and $1,500,000 in furniture and fixtures to construct a new 3-story speculative commercial office structure consisting of approximately 43,000 square feet on roughly 70 +/- acres of undeveloped land located at 2130 Quarry Trails, Columbus, Ohio 43204, parcel number 560-298029 (the “Project Site”). The company anticipates that the development of the proposed project will lead to the creation of 5 net new full-time permanent positions with an estimated new annual payroll of approximately $175,000 at the Project Site, and since it is a speculative office project, may lead to the retention or relocation of an unknown number of positions from within the City of Columbus or surrounding communities.

MCC is requesting an Enterprise Zone property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years on real property improvements to assist in the development of this project.

The Department of Deve...

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