Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1649-2019, passed July 1, 2019, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Mission XC, LLC (“ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed $6.5 million investment in real property improvements and the creation of 10 net new full-time permanent positions with an associated annual payroll of approximately $353,600 related to the construction of a new approximately 163,493 square foot speculative industrial building located at 1322 London Groveport Road on Parcel Number 495-232636 within the City of Columbus and within the Columbus Central Enterprise Zone (the “PROJECT SITE”). The AGREEMENT was made and entered into effective December 3, 2019 with the abatement to commence no later than 2021 nor extend beyond 2030 (Agreement No. 023-19-16). All real property improvements were expected to have been completed by December 2020. It should be noted that this ENTERPRISE has also been known as Mission XC, LLC III (1322 London Groveport Road). Subsequent to this but prior to this legislation, the parent parcel 495-232636 was split to create in part Parcel Number 495-300547 with a street address of 6322 Collings Drive (per the Franklin County Auditor) which revised the PROJECT SITE. As of this date there has not been a filing of the DTE-24 with the Franklin County Auditor, no Final Determination from the Ohio Department of Taxation, and so no forgone tax benefit has yet been received.
Paragraph thirteen within Section 6 (Program Compliance) of the AGREEMENT states that the “AGREEMENT is not transferable or assignable without the express, written, approval of the CITY.”
In a letter received by the City from ENTERPRISE dated June 9, 2021, ENTERPRISE advised the CITY that “the Project was conveyed to The Hub XO, LLC” and that “The...
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