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 0 Outerbelt Street, 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.
0 Outerbelt Street, LLC is a partnership comprised of three members of Crawford Hoying who will serve as the sponsor entity that invests directly in and oversees the development of the project. 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 at more than $1 billion statewide.
0 Outerbelt Street, LLC is proposing to invest a total project cost of approximately $30,444,390.00, which includes $7,000,000.00 in acquisition cost and $23,444,390.00 in real property improvements to construct an approximately 205,000 square-foot Class A proactive industrial facility (“Facility”) at Outerbelt Street Columbus, Ohio 43213, on four contiguous parcel numbers 520-143653, 520-143654, 520-143655 and 520-308803 (the “Project Site”). The Enterprise anticipates that the project will create or cause to be created twenty-five (25) net, new full-time permanent positions with an estimated new annual payroll of approximately $1,040,000.00 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.
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.
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