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File #: 3019-2022    Version: 1
Type: Ordinance Status: Passed
File created: 10/31/2022 In control: Economic Development Committee
On agenda: 11/21/2022 Final action: 11/23/2022
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Broughton Investment, LLC and Xtreme Express, LLC (collectively, known as the “Enterprise”) for a tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the Enterprise investing approximately $11 million in real property improvements, the retention of eighty-one (81) full-time jobs with an estimated annual payroll of approximately $3.83 million and the creation of fifty (50) net new full-time permanent positions with an estimated annual payroll of approximately $2,649,700 at the Project Site.
Attachments: 1. 3019-2022 Broughton Invest(Xtreme) - EZ Fact Sheet, 2. 3019-2022 Broughton Invest(Xtreme) - Project Site Map EZ
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 Broughton Investment, LLC (“Broughton Investment”) and Xtreme Express, LLC (“Xtreme Express”), (collectively, 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.

Broughton Investment is a real estate holding company owned by Brad Kitchen, President of Alterra Real Estate Advisors, and a commercial real estate broker which provides commercial real estate brokerage, property management services, and investment opportunities, to clients in Columbus, Ohio and throughout the US.

Founded in 2014, Xtreme Express is a premier logistics firm based in Columbus, Ohio. The company has been servicing Central Ohio residents and businesses since 2014 as their express and dedicated delivery experts. Xtreme Express utilizes the latest technology and equipment to offer one-hour and same-day services throughout the Midwest.

The Enterprise is proposing to invest a total project cost of approximately $14 million, which includes $11 million in real property improvements to construct and expand its existing warehouse distribution facility of approximately 42,965 sq. ft. by another 120,000 sq. ft. (the “Facility”) at 6611 Broughton Avenue, Columbus, Ohio 43213, parcel number 010-241763 (the “Project Site”). Xtreme Express will be the tenant and employer of record, and enter into a lease agreement with Broughton Investment, the property owner. Additionally, Xtreme Express will retain eighty-one (81) full-time jobs with annual payroll of approximately $3.83 million and create fifty (50) net new full-time permanent positions with an estimated annual payroll of approximately $2,649,700 at the proposed Project Site (“New Employees”).

The Director of the D...

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