Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with Allied Mineral Products, Inc. The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.
Allied Mineral Products, Inc. is a global company that was founded in 1961, headquartered in Columbus, Ohio. The company is the worldwide leader in the design and manufacture of monolithic refractories and precast refractory shapes, including castables, dry vibratables, wet rammables, precast shapes, bricks/mortars, gunning materials, plastics, mica and cloth slips, plane products, fluxes, installation equipment, fiber insulation products, refractory coatings. Allied Mineral Products, Inc. offers refractory solutions and develops, manufactures and markets products for various metal melting applications. The company offers a wide variety of products, such as DRI-VIBE, MINRO-SIL, MINRO-AL, and MINRO-SIL LD refractories and compositions. The company has manufacturing facilities in Brownsville, Texas, Mexico, Australia, Russia, Turkey, China, South Africa and Italy.
Allied Mineral Products, Inc. is proposing to expand its corporate headquarters by investing $5.0 million in new high-tech machinery, equipment, and building improvements. The company will retain 225 full-time jobs and create approximately 39 new full-time permanent positions with an estimated annual payroll of $1.6 million.
The State has offered a Job Creation Tax Credit of 45% for 8 years for Allied Mineral Products, Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of seven (7) years with Allied Mineral Products, Inc. in consideration of the company’s proposed...
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