Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 2934-2017, passed December 4, 2017, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Alshire Properties, LLC and Farber Specialty Vehicles, Inc. (collectively, and hereinafter referred to as “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the company’s proposed total capital investment of approximately $6.7 million, which included $2.15 million in acquisition cost, $3.0 million in real property improvements, $1.0 million in inventory, $500,000 in machinery and equipment, and $50,000 in furniture and fixtures to acquire, renovate, redevelop, expand and convert a vacant commercial retail store (formally known as The Anderson General Store) consisting of approximately 137,300 square feet +/- into a manufacturing facility with an additional 50,000 square feet +/- (the “PROJECT”) located at 5800 Alshire Road, Columbus, Ohio 43232, parcel number 010-205284 (the “PROJECT SITE”), within the City of Columbus Enterprise Zone (Zone #023) and within the Columbus City School District. Additionally, the ENTERPRISE committed to expand and relocate its corporate headquarters and manufacturing facility, retain 110 full-time permanent positions with an estimated annual payroll of $5.32 million and create 20 net new full-time permanent positions with an estimated annual payroll of $796,000 at the PROJECT SITE. The AGREEMENT was made and entered into to be effective January 19, 2018 (EZA #023-18-02); the PROJECT was expected to begin February 2018, all real property improvements were expected to be completed by July 2019 with the term of the abatement not to commence after 2020 nor extend beyond 2029.
In an electronic communication to the CITY received September 1, 2020, ENTERPRISE, indicated that the PROJECT as described in the AGREEMENT will no longer occur due to a cha...
Click here for full text