Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 2038-2020, passed November 15, 2020, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with Agler Joint Venture, LLC (hereinafter “ENTERPRISE”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of the company’s investment of approximately $13,500,000 in real property improvements and the creation of fifteen (15) net new full-time permanent positions with a total payroll of approximately $750,000. The ordinance was subsequently amended pursuant to Ordinance No. 1065-2021, passed May 10, 2021, COUNCIL which authorized that Section 3 of Ordinance No. 2038-2020 be amended to revise the 90-day window needed to execute AGREEMENT to 90 days after passage of Ordinance No. 1065-2021. The project involved the construction of an approximately 240,000 square foot speculative industrial facility at 3101 Agler Road, Columbus, Ohio 43218, parcel numbers 010-103721, 010-108654, 010-137514, 010-137519, 010-137520, and 010-137521 (“PROJECT SITE”) located within the Columbus City School District and within the Columbus Enterprise Zone, (hereinafter referred to as the “PROJECT”). The AGREEMENT was made and entered into effective May 17, 2021 with the PROJECT expected to begin approximately March 2021, with all real property improvements expected to be completed by approximately December 2021 and with the abatement to commence no later than 2022 nor extend beyond 2031 (Agreement No. 023-21-03).
In a letter received by the CITY on behalf of the ENTERPRISE dated December 14, 2021 and through ensuing correspondence, it was confirmed that Midwest Industrial Agler Road Owner, LLC will acquire ownership of the PROJECT SITE from Agler Joint Venture, LLC with the sale, closing and transferring of title scheduled for February 2022. Due diligence has been undertaken by the CITY in that Midwest Industrial Agler Road...
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