Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Alum Creek One, LLC dba Fed One Dublin LLC and Specialized Bicycle Components, Inc. 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.
Alum Creek One, LLC dba Fed One Dublin LLC is a partnership that is comprised of members of Fed One Dublin LLC (“Fed One”) who will serve as the sponsor entity that invests directly in and oversees the development of the project. Fed One is a full service General Contractor and Real Estate Developer serving the business community since 1993 focusing on industrial, and retail projects. Over the last 20 years, Fed One has constructed nearly 13 million square feet of industrial space. Examples of projects include Eastgate Business Center in Gahanna, OH and Meritex in Columbus, OH. Formed in 1974, Specialized Bicycle Components, Inc. (“Specialized Bicycles”), is a company that designs, manufactures, and markets bicycles, electric bicycles, bicycle components and apparel.
Alum Creek One, LLC dba Fed One Dublin LLC proposes to invest a total project cost of approximately $28,000,000 in real property improvements to construct an approximately 461,700 square-foot Class A industrial facility at 3330 Alum Creek Drive, Columbus, Ohio 43207, parcel number 530-156581 (the “Project Site”). Specialized Bicycles will lease the new industrial facility from Alum Creek One, LLC dba Fed One Dublin LLC to expand and relocate its operation from Groveport, Ohio, create 10 net new full-time permanent positions with an estimated annual payroll of approximately $400,000, and the retention of 56 full-time positions with an annual payroll of approximately $2,200,016 at the proposed Project Site.
The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Groveport Madison School Di...
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