Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with COI Alkire Industrial, 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.
COI Alkire Industrial, LLC is a partnership that is comprised of members of VanTrust Real Estate LLC who will serve as the sponsor entity that invests directly in and oversees the development of the project. VanTrust Real Estate LLC, headquartered in Kansas City, Missouri is a full-service real estate development company offering a broad range of services including acquisition, disposition, development, and asset management. VanTrust works nationally with regional offices in Columbus, Dallas, Jacksonville, and Phoenix. COI Alkire Industrial, LLC will be the owner of the project.
The project represents a massive private investment in an area of the City lacking in Class A industrial space. Distribution and logistics are a growing industry in the region and Columbus competes with surrounding communities for investment in this sector.
COI Alkire Industrial, LLC is proposing to redevelop a property at Bolton Field with a series of buildings totaling 667,500 square feet of proactive industrial development. For Building #2 of this new development, COI Alkire Industrial, LLC proposes to invest a total project cost of approximately $20,000,000 in real property improvements to construct a 330,000 square-foot proactive Class A industrial building at the southeast corner of the intersection of Alkire Road and Norton Road, parcel number 570-154775 (the “Project Site”). The company anticipates that the development of the proposed project will lead to the relocation of an unknown number of positions from within the City of Columbus or surrounding communities, and the creation of 37 net new full-time permanent positions with an estimated annual payroll of approximately $1,154,400 at t...
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