Dublin City Council on May 6 approved two economic-incentive agreements that could help two businesses move to Dublin.
Dublin will provide financial assistance to COhatch while ensuring the business will try to preserve the target building's character.
In a separate agreement, council also approved an economic-incentive package for Ruscilli Construction Co. to assist in the move of its headquarters from 5000 Arlington Centre Blvd. in Upper Arlington to Dublin.
COhatch, which rents co-working, events and office space to businesses and individuals throughout central Ohio, is looking to operate the site occupied by the Brazenhead tavern at 56 N. High St.
Council approved a five-year economic-incentive agreement that would be $700,000 in total and divided evenly among years 2019 through 2023, at $140,000 per year.
The annual payments would be tied to performance and progress "milestones."
The milestones include:
* Year 1 -- Enable acquisition of the 56 N. High St. property and plans for renovating the Brazenhead building.
* Year 2 -- Open the Brazenhead building and receive approval for plans for the additional space to the rear of the existing building.
* Year 3 -- Add at least 12 private offices with a head count of 20 office tenant employees.
* Year 4 -- Annual start-up pitch competition and private office space at least 80% plus occupied on average between years 3-4.
* Year 5 -- Invest a total of at least $3 million into the project and generation of least $70,000 of city income-tax receipts over the five-year agreement.
The final payment will be made payable in quarter one of 2024 after income tax has been verified over the length of the project.
The incentive-agreement legislation received a first reading before council April 22.
The plan would be to tear down a nonhistoric building to the rear of the Brazenhead property at 25 N. High St. and construct a new building, according to a presentation given at the May 6 council meeting.
Matt Davis, co-founder of the Worthington-based business, told ThisWeek Dublin Villager that COhatch would repurpose the Brazenhead building with co-working, meeting and event space. The new building would feature private office space, event space and maker space, he said.
The goal would be to have two separate buildings in order to preserve the historic integrity of the Brazenhead building while also having enough space to create COhatch's business concept.
Council members May 6 decided to amend the ordinance to include language regarding council's intent to preserve as much of the Brazenhead interior as possible.
Davis said he would try to preserve as many interior elements in the Brazenhead building as he could.
Prior to the council vote, Kyle Kridler, an economic-development administrator for Dublin, told ThisWeek Dublin Villager that should the agreement move forward with council, COhatch would purchase the property, and Brazenhead would continue to operate as a tenant through the end of its lease.
Davis said COhatch plans to close on the property in June.
The Brazenhead property is owned by 25 North Company Ltd., according to the Franklin County auditor's website.
Jay Eggspuehler appears to be its agent, according to a search of public records. He did not respond to a voicemail message requesting comment.
Bob Darrow, vice president with Ruscilli, said the company always has been active in the Dublin community and has considered the city a kind of second home.
After a four-year search for a property, "we ended up where we always thought we would," Darrow said. "Right here in Dublin."
The incentive package is a seven-year performance incentive on income-tax withholdings collected for all employees from 202-26 that would be capped at $120,000 for the term of the agreement.
The first four years of the agreement would include a 15% performance incentive on withholdings from 2020 through 2023.
The next three years of the agreement would include a 10% incentive on withholdings from 2024 -26.
The company would need to purchase a property and meet predetermined annual withholdings targets to qualify for the incentives.
Leaders said the city expects to net approximately $662,580 in income-tax revenue over the course of the seven-year term.