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File #: 1562-2021    Version: 1
Type: Ordinance Status: Passed
File created: 6/9/2021 In control: Economic Development Committee
On agenda: 7/19/2021 Final action: 7/22/2021
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Shook Road Storage, 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 $20,904,201.00 in real property improvements and the creation of 10 new full-time permanent positions.
Attachments: 1. ORD1562-2021 Shook Road Storage LLC - Site Map, 2. ORD1562-2021 Shook Road Storage LLC - Fact Sheet 6.7.pdf
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Shook Road Storage, 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.

Shook Road Storage, LLC is a partnership that is comprised of three members of Crawford Hoying who will serve as the sponsor entity that invests directly in and oversees the development of the project. Crawford Hoying, established in 2012, is one of the largest real estate development firms in the Columbus region. Over the past decade, Crawford Hoying has successfully completed over $1,000,000,000 of projects statewide. Shook Road Storage, LLC will be the owner of the project.

The project represents a massive private investment in a crucial piece of regional cold storage chain infrastructure and will compete on a national level against facilities located in other states. Most of the existing cold storage space in Columbus is decades old and utilizes outdated ammonia-based equipment. The proposed project will use state of the art self-contained, air cooled, synthetic Freon refrigeration system with onboard power monitoring that will save significant amours of energy and water compared to existing systems.

Shook Road Storage, LLC proposes to invest a total project cost of approximately $20,904,201 in real property improvements to construct an approximately 165,000 square-foot speculative industrial building at B Miller Street, Columbus, Ohio 43217, parcel number 512-299843 (“Project Site”). Additionally, the company will create 10 net new full-time permanent positions with an estimated annual payroll of approximately $312,000 at the proposed Project Site.

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

The Hamilton Local School District and Eastland Joint Vocational School District have been advised of thi...

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