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Looks like I'm going to have a few more neighbors! Great job by the city to package a good deal for some new downtown jobs!!! The only bad thing is that we may lose some greenspace if Grange builds on the park next door, but I can live with that.
http://columbus.bizjournals.com/columbus/stories/2005/10/24/daily17.html?jst=b_ln_hl
Grange gives Brewery District project green light
Grange Mutual Casualty Co. said Tuesday it is going ahead with plans to expand its Brewery District headquarters, after Columbus City Council approved its tax break Monday.
"We are pleased to expand our presence in the downtown Columbus area, where we have had a presence since 1935," Phil Urban, president and CEO of Grange, said in a press release.
Grange plans to construct a 1,000-vehicle parking garage and a 200,000-square-foot mid-rise tower at 650 S. High St. The $61.5 million project is expected to create 800 jobs over the next 20 years, in addition to 775 already working at the site. About 60 of the new jobs are coming from Gahanna.
The city said Grange needed the tax incentives to make the downtown project worthwhile. Building in the Brewery District necessitated the parking structure, which added $20 million to its construction costs. Grange considered other locations that did not require a parking structure.
Council approved two tax incentives for the project. The first creates a Tax Increment Financing district that will divert 75 percent of the new property taxes on the parking deck site to pay for the parking deck.
The TIF will save the company $11 million over its 10-year term, according to the city.
Council also approved a tax incentive that will rebate Grange 50 percent of the payroll taxes generated by the new workers. That incentive is scheduled to begin in 2009 and run for eight years. It will save the company around $1.1 million over its term, City Council estimates.
Launched in August 2010, TheMetropreneur.com is a local online resource devoted to small business development and entrepreneurship. Its aim is to tell the stories of Central Ohio's business community, foster regional economic development and assist entrepreneurs with its resource-heavy focus.