Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Syscom Advanced Materials, Inc. (Syscom) equal to twenty percent (20%) of the amount of personal income tax withheld on new employees for a term of four (4) years in consideration of Syscom's proposed investment of $1.1 million, the retention of 14 full-time permanent employees and the creation of 10 permanent full-time jobs.
Syscom is a company specializing in research and development, manufacturing and marketing of high performance, conductive fibers and films. Syscom was founded in 2005 and is currently located in the Tech-Columbus campus. The company was founded to develop and market high performance films and fibers using state of the art processes, including nanotechnology. What developed is Amberstrand ® (AmberStrand), an electrically conductive, low weight, high strength and yet flexible polymer/metal hybrid yarn or wire. Syscom is proposing to add another line producing AmberStrand.
Syscom is also considering Dublin and Westerville for this expansion.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive agreement with Syscom Advanced Materials, Inc. in consideration of Syscom's proposed investment of $1.1 million, the retention of 14 full-time permanent employees and the creation of 10 permanent full-time jobs.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, the Department of Development has received a completed application for the Jobs Growth Incentive from Syscom Advanced Materials, Inc.; and
WHEREAS, Syscom Advanced Materials, Inc. has indicated that a Jobs Growth Incentive is crucial to its decision to locate the aforementioned expansion in Columbus; and
WHEREAS, the City of Columbus desires to facilitate Syscom Advanced Materials, Inc.'s future growth at the project site by the creation of new jobs; and
WHEREAS, the four year Jobs Growth Incentive is in consideration of Syscom Advanced Materials, Inc.'s proposed investment of $1.1 million, the retention of 14 full-time permanent employees and the creation of 10 permanent full-time jobs; and NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to enter into a Jobs Growth Incentive with Syscom Advanced Materials, Inc. equal to twenty percent (20%) of the amount of income tax withheld on new employees for a term of four (4) years.
Section 2. That each year of the term of the agreement with Syscom Advanced Materials, Inc., the City's obligation to pay the incentive is expressly contingent upon the passage of an ordinance appropriating and authorizing the expenditure of monies sufficient to make such payment and the certification of the City Auditor pursuant to Section 159 of the Columbus City Charter.
Section 3. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.