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 Becknell Industrial dba BI Developer LLC (“BI Developer LLC, 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.
BI Developer LLC is a subsidiary of Becknell Industrial (“Becknell”) headquartered in Carmel, Indiana. Becknell is a privately held national real estate development firm focused heavily on industrial buildings, including distribution centers, warehouses, processing and assembly plants, manufacturing plants, research-and-development centers, service centers, and other facilities vital to the global supply chain management of regional, national, and multi-national operations. Becknell launched into the industrial real estate business in 1990 when co-founders Dan Harrington and Fritz Hartrich joined forces to build and lease a custom warehouse to Nabisco. Under the long-term leadership of Harrington, who now serves as Becknell’s Executive Chairman and Chief Investment Officer, Becknell’s national portfolio now includes more than $34 million square feet of industrial real estate property, in addition to over $10 million square feet of developable ground for future development.
BI Developer LLC is proposing to invest a total project cost of approximately $43,000,000.00, which includes, $6,000,000.00 in acquisition cost and $37,000,000.00 in real property improvements to construct an approximately 527,023 square-foot Class A proactive industrial facility on a vacant land parcel containing approximately 42.2 +/- acres at 5811 Gender Road Columbus, Ohio 43110, parcel numbers 010-224901 and 010-260326 (the “Project Site”). The Enterprise anticipates that the project will create or cause to be created fifty (50) net, new full-tim...
Click here for full text