Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1838-2019, passed July 22, 2019, authorized the City of Columbus (CITY) to enter into a Community Reinvestment Area Agreement (the AGREEMENT) with Pizzuti Land LLC (ENTERPRISE) and the Columbus-Franklin County Finance Authority (FINANCE AUTHORITY), for a real property tax abatement of one-hundred percent (100%) for a period of fifteen (15) consecutive years in consideration of a proposed $16.5 million investment in real property improvements and the creation of ten (10) net new full-time permanent positions with an associated annual payroll of approximately $312,000 related to the construction of a new approximately 261,402 square foot speculative industrial warehouse facility (the PROJECT) on Parcel Number 495-234526 located at 1675 Beggrow Street within the City of Columbus and within the City of Columbus Rickenbacker Community Reinvestment Area (the PROJECT SITE). The AGREEMENT was made and entered into effective August 29, 2019 with the PROJECT expected to begin approximately September 2019 and all real property improvements expected to be completed by approximately March 2020 but no later than March 2021. The abatement was to begin no later than 2022 nor extend beyond 2036 (Agreement No. 049-18000-14/19-002).
To provide for the authority to enter into this one-hundred percent (100%), fifteen (15) year AGREEMENT, the Board of Education of the Columbus City School District (the SCHOOL DISTRICT) by its Resolution Number 17-23-447, adopted September 5, 2017, approved the aforementioned terms of the AGREEMENT provided that the ENTERPRISE and the SCHOOL DISTRICT first enter into two (2) compensation agreements (COMPENSATION AGREEMENTS) with these COMPENSATION AGREEMENTS entered into effective September 5, 2017.
The AGREEMENT was subsequently authorized by COUNCIL to be amended for the first time for Assignment & Assumption to remove Pizzuti Land LLC as ENTERPRISE and party to the AGREEMEN...
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