Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with SCR-Tech, LLC equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. SCR-Tech, LLC proposes to make a fixed-asset investment of approximately $9 million including, $7.5 million in new machinery and equipment, $1 million in renovation and leasehold improvements, $75,000 in new furniture and fixtures, and $425,000 in inventory. The company will also create 50 new full-time permanent positions.
SCR-Tech, LLC is the leading provider of SCR management and catalyst regeneration technologies for selective catalytic reduction (SCR) systems used by coal and gas fired power plants to reduce nitrogen oxides (NOx) emissions. Based in Charlotte, North Carolina, SCR-Tech is the only company in North America offering a commercial process capable of fully restoring catalyst activity and NOx reduction performance. The company provides catalyst management and consulting services including computer simulation, inspection, testing and analysis to help utilities, independent power producers, and other SCR operators optimize their NOx reduction performance and achieve regulatory compliance.
SCR-Tech, LLC is proposing to expand its operations into the City of Columbus by entering into a 7-year lease agreement on a vacant commercial facility located at 5303 Fisher Road to meet its increased growth and consumer demand.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with SCR-Tech, LLC equal to 25% of the amount of new income tax withheld on employees for a term of five years in consideration of the company's proposed investment of $9 million and the creation of 50 new permanent full-time jobs.
Body
WHEREAS, the City desires to increase employment opportunities and e...
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