Explanation
BACKGROUND: The need exists to amend Ordinance No. 3081-2023, passed by Columbus City Council (“Council) on December 11, 2023, which authorized the Director of the Department of Development to enter into a City of Columbus Enterprise Zone Agreement (the “AGREEMENT”) with Hub Investment I, LLC (the “Enterprise”). An amendment is now required to revise the 120-day period needed to execute the City of Columbus Enterprise Zone Agreement and to revise the description of the project site.
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 total capital investment of approximately $14,000,000.00 in real property improvements to construct a 151,250 square-foot build-to-suit Class A warehousing and distribution facility for Interstate Batteries, one of three eventual buildings in the development. Additionally, the Enterprise committed to create eighteen (18) net new full time permanent positions with an associated annual payroll of approximately $1,088,605.00 on parcel number 010-298448 (the “ORIGINAL PARCEL”), located at 5225 Scarborough Boulevard, Columbus, Ohio 43232, (the “Project Site”).
Prior to the execution of the AGREEMENT, the Department of Development received notification from the Enterprise dated January 10, 2024 stating that the ORIGINAL PARCEL has been split and the Project Site, along with the address, changed from 5225 Scarborough Boulevard, Columbus, Ohio 43232 to 5141 Scarborough Boulevard, Columbus, Ohio 43232, parcel number 010-326632, split from the ORIGINAL PARCEL. Due to this change, the Enterprise requires additional time to finalize and execute the AGREEMENT. The Enterprise is requesting the City to reopen the window that is needed to execute the AGREEMENT and revise the Project Site to be 5141 Scarborough Boulevard, Columbus, Ohio 43232, with a parcel n...
Click here for full text