Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Boehringer Ingelheim Roxane, Inc./Roxane Laboratories, Inc. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Boehringer Ingelheim Roxane, Inc./Roxane Laboratories, Inc. is a pharmaceutical company founded by Albert Boehringer in 1885, and is involved in the research, development, manufacture and marketing of innovative therapeutic drugs and focuses primarily on the therapeutic areas of respiratory diseases. The Boehringer Ingelheim group is one of the 20 leading pharmaceutical companies in the world, and operates globally as the largest privately held pharmaceutical company with 135 affiliates in 47 countries.
Boehringer Ingelheim Roxane, Inc./Roxane Laboratories, Inc. is proposing to expand its Columbus operations at 1809 Wilson Road. The project will involve construction of a building addition and the acquisition of machinery, equipment, furniture and fixtures. A total capital investment of $50 million is proposed at the site, with $18 million toward the building addition and $32 million for equipping the expanded operation. A total of 240 new full-time positions will be created as a result of the project and 1,008 full-time jobs will be retained.
The Department of Development recommends a one hundred percent (100%), ten (10) year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Hilliard City Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Boehringer Ingelheim Roxane, Inc./Roxane Laboratories, Inc. for a tax abatement of one hundred percent (100%), for a period of ten (10) years on real property...
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