Explanation
BACKGROUND: Community Reinvestment Areas (CRAs) have been designated by Columbus City Council (“Council”) under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial, and residential growth.
Columbus City Council by Resolution Number 0090X-2007, as approved on June 11, 2007 and certified by the State of Ohio on July 14, 2007, created the Rickenbacker Community Reinvestment Area (the “Rickenbacker CRA"), which Council subsequently amended by Resolution Number 0318X-2011 on December 5, 2011 and certified by the State of Ohio on January 23, 2012, providing for tax exemptions for improvements to real property up to one hundred percent (100%) not exceeding fifteen (15) years for the new construction of non-retail, non-hotel, non-residential business or industrial structures as described in Section 3735.67 of the Ohio Revised Code.
Magellan Enterprises LLC is proposing to develop, construct (in one or more phases) and operate in one or more data center(s) as well as certain buildings, structures and infrastructure for accessory, supporting, associated or related uses, such as (but not limited to) offices and utility buildings, structures and appurtenances on 495.9 acres +/- located at 5076 South High Street, Columbus, Ohio 43137, parcel number 510-180711 (the “Project Site”).
Magellan Enterprises LLC expects to invest approximately $300 million at the site including the initial 150,000 square foot building and has estimated that the project will support the creation of 20 net new full-time permanent positions within the City of Columbus with an associated new annual payroll of approximately $2,000,000 by December 31, 2027.
The Department of Development recommends a Community Reinvestment Area property tax abatement of one hundred percent (100%) for a period of fifteen (15) consecutive years on real property improvements related to the construction of its dat...
Click here for full text