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 SFG Columbus Parsons LLC (“SFG” 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.
SFG is a subsidiary of Stonemont Financial Group (“Stonemont”). Stonemont is an industrial real estate development and investment group, founded in 2007 with its headquarters located in Atlanta, GA focusing on developing and acquiring industrial and single tenant real estate across the United States and currently manages over $4 billion of real estate assets.
SFG is proposing to redevelop the former Columbus Casting industrial site on the Southside of the City. The redevelopment will consist of three separate proactive industrial facilities totaling approximately 859,240 square feet on a vacant land parcel consisting of approximately 77 +/- acre at 2215 - 2295 Parsons Avenue, Columbus, Ohio 43207, parcel number 010-103971 (the “Project Site”). For Building #3 of this new development, SFG proposes to invest a total project cost of approximately $11,470,602.00 in real property improvements to construct an approximately 112,000 square-foot Class A proactive industrial facility at the aforementioned Project Site. The Enterprise anticipates that the project will create or cause to be created fourteen (14) net, new full-time permanent positions with an estimated new annual payroll of approximately $436,800.00 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.
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