Explanation
BACKGROUND: The need exists to amend Ordinance No. 1039-2022 approved by Columbus City Council on May 2, 2022, which authorized the Director of the Department of Development to enter into a City of Columbus Enterprise Zone Agreement (the “AGREEMENT”) with Alum Creek One, LLC dba Fed One Dublin, LLC and Specialized Bicycle Components, Inc. (collectively, and hereinafter referred to as “Enterprise”). An amendment is now required to revise the 90-day window needed to execute the AGREEMENT to 90 days after the passage of this proposed legislation.
The ordinance authorized the Director of the Department of Development to enter into an Enterprise Zone Agreement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of the company’s proposed capital investment of approximately $28,000,000.00 in real property improvements to construct a Class A industrial facility consisting of roughly 461,700 square feet on roughly 27.072 +/- acres of undeveloped land at 3330 Alum Creek Drive, Columbus, Ohio 43207, parcel number 530-156581 (the “Project Site”). Additionally, the Enterprise committed to create ten (10) net new full-time permanent positions with an estimated annual payroll of approximately $400,000.00 and retain fifty-six (56) full-time positions with an annual payroll of approximately $2,200,016.00 the proposed at the Project Site.
Prior to the execution of the Agreement, the Department of Development received a written notification from The Behal Law Group LLC on behalf of the Enterprise dated January 11, 2023, and through ensuing correspondence, requesting the need to extend the window to execute the Agreement. Unfortunately and unexpectedly, Robert J. Biondi, President, an owner/operator of Fed One Dublin, LLC, passed away on July 25, 2022, and navigating all aspects of his estate has required significant effort and coordination from his legal, accounting and business teams. This process delayed the execution of th...
Click here for full text