Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with CH Outerbelt Acquisition, LLC (“CH Outerbelt”, and also the “Enterprise”). The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into Council-approved tax abatement agreements between the City and qualifying companies.
CH Outerbelt is a partnership that is comprised of three members of Crawford Hoying. Crawford Hoying, established in 2012, is one of the largest real estate development firms in the Columbus region. Over the past decade, Crawford Hoying has successfully completed projects in Ohio valued at more than $1 billion.
CH Outerbelt is proposing to invest a total project cost for Building #2 of approximately $8,522,481 in real property improvements to construct an approximately 80,000 square-foot Class A proactive industrial facility (“Facility”) at 0 Outerbelt Street Columbus, Ohio 43213, on parcel numbers 520-143654 and 520-143655 (the “Project Site”). The Enterprise anticipates that the project will create or cause to be created ten (10) net, new full-time permanent positions with an estimated new annual payroll of approximately $312,000 at the Project Site (“New Employees”).
The Director of the Department of Development is recommending that Council approve a 75%/10-year Enterprise Zone tax abatement on real property improvements made by the Enterprise at the Project Site, in consideration of it creating, or causing to be created, the New Employees.
The Gahanna-Jefferson City School District and Eastland-Fairfield Joint Vocational School District have been advised of this project.
This legislation is presented as 30-day legislation.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with CH Outerbelt Acquisiti...
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