Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1650-2019, passed July 22, 2019, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Montwards, LLC (the “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of roughly $12,000,000 in real property improvements and the creation of four (4) net new permanent full-time positions with an associated annual payroll of approximately $124,800 related to the construction of a new 300,000-square foot speculative distribution and warehouse facility (the “PROJECT”) located at 510 Sunbury Road, Columbus Ohio 43219 (formerly known as 525 N. Nelson Road), parcel number 010-190006 (the “PROJECT SITE”), within the City of Columbus Enterprise Zone. The AGREEMENT was made and entered into effective October 31, 2019 (Zone #023-19-12) with this PROJECT expected to begin December 2019 with all real property improvements expected to be completed by December 2021, with the abatement to begin no later than 2022 nor extend beyond 2031.
In a letter received by the CITY on behalf of the ENTERPRISE dated June 15, 2021 and through ensuing correspondence, it was confirmed that MI-Columbus Owner, LLC had acquired ownership of the PROJECT SITE from Montwards, LLC on June 1, 2021, and the transfer of ownership is in the process of being recorded by the County Auditor. Due diligence has been undertaken by the CITY in that MI-Columbus Owner, LLC has agreed to fully assume the terms and commitments of the ENTERPRISE pursuant to the AGREEMENT, has submitted an updated Economic Development Incentive Application and that this application and all other pertinent information has been reviewed and vetted.
Following the recorded transfer of ownership, this legislation is to authorize the Director of the Department of Development to amend the AGREEMENT for the firs...
Click here for full text