File #: 0772-2024    Version: 1
Type: Ordinance Status: Passed
File created: 3/7/2024 In control: Economic Development & Small and Minority Business Committee
On agenda: 4/8/2024 Final action: 4/10/2024
Title: To authorize the Director of the Department of Development to amend the Enterprise Zone Agreement for the first time for Assignment & Assumption with The Gravity Project 2, LLC to (1) remove The Gravity Project 2, LLC as ENTERPRISE and party to the AGREEMENT and to be replaced with Gravity 2 - Office, LLC as ENTERPRISE and party to the AGREEMENT, whereby Gravity 2 - Office, LLC will assume the terms and commitments of the AGREEMENT, (2) revise the description of the PROJECT SITE, and (3) revise the notice information related to ENTERPRISE within Section 6 of the AGREEMENT.

BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 0912-2020, passed May 18, 2020, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with The Gravity Project 2, LLC (hereinafter, referred to as “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 $194,500,000.00, which included approximately $7,500,000.00 in land and acquisition costs, $165,000,000.00 in real property improvements and approximately $22,000,000.00 in a new parking structure to redevelop approximately five (5) acres on Parcel Number 010-039621 (the “ORIGINAL PARCEL”), near the corner of W. Broad Street and McDowell Street in East Franklinton located at 451 and 455 W. Broad Street, Columbus, Ohio, 43215 (the “PROJECT SITE”). The proposed mixed-use development consists of a new 6-story Class A commercial office facility consisting of approximately 184,189 square feet, a 12-story residential building comprised of approximately 218,796 square feet, with ground floor Class A office space consisting of approximately 22,622 square feet, a 5-story residential mid-rise building consisting of approximately 81,340 square feet, a 5-story residential building consisting of approximately 24,461 square feet of residential townhomes and flat apartment units and renovation of a 1-story retail building consisting of approximately 4,600 square feet. Additionally, a new parking structure of approximately 293,000 square feet containing approximately 889 parking spaces (of which, 200 of those parking spaces are targeted for public use).

The “PROJECT” as related to the AGREEMENT consisted in the construction of the 6-story 184,189 square-foot Class A commercial office facility and a ground floor Class A office space comprising of approximately 22,622 square feet located in the residential building as it ...

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