Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 0199-2020, passed February 10, 2020, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with 810 Grandview, LLC (“ENTERPRISE”), for a real property tax abatement of seventy-five percent (75%) for a period of ten (10) consecutive years in consideration of a proposed total capital investment of approximately $19.2 million in real property improvements and the creation of twenty (20) net new full-time permanent positions with an associated annual payroll of approximately $832,000 related to the construction of a new approximately 124,000 square-foot speculative commercial office facility on roughly 28.983 +/- acres of undeveloped land located (the “PROJECT”) at 1400 City View Way, Columbus, Ohio 43215, parcel number 010-129562 (the “ORIGINAL PARCEL”), within the City of Columbus and within the City of Columbus Enterprise Zone (the “PROJECT SITE”). The AGREEMENT was made and entered into effective April 24, 2020 with the PROJECT expected to begin approximately in the spring of 2020, with all real property improvements expected to be completed by July 2021, and with the abatement to commence no later than 2022 nor extend beyond 2031 (Agreement No. 023-20-04).
Paragraph fourteen within Section 6 (Program Compliance) of the AGREEMENT states that the “AGREEMENT is not transferable or assignable without the express, written, approval of the CITY” and paragraph fifteen of that same section states that “any requested amendment…to any of the terms of the AGREEMENT…shall require the payment to the CITY by the ENTERPRISE of an AMENDMENT FEE in the amount of five-hundred dollars ($500.00).”
In a letter received by the CITY on behalf of the ENTERPRISE dated February 8, 2023, and through ensuing correspondence, it was confirmed that 810 Grandview Crossing Office I, LLC has acquired ownership of the PROJECT SITE from 810 Grandview, LLC with the transfe...
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