Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Spectrum Commercial Coatings LLC equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of five (5) years. The project involves a total investment of $153,400 for building and lot acquisition, machinery, equipment, furniture and fixtures at 861 Camden Avenue, and will create 30 new full-time permanent positions and retain two existing employees.
Spectrum Commercial Coatings LLC (Spectrum) was founded in 2012 and is headquartered in Columbus. Spectrum is a full service commercial and industrial coating contractor that serves Ohio and surrounding states. Services offered by Spectrum include, but are not limited to: High Performance and Specialty Coatings, Intumescent Fireproof Coatings, Sandblasting, Pressure Washing, and Wall Coverings. The company has expertise serving new construction communities, factories, warehouses, retail, and medical facilities.
The project supports the proposed growth of the business to meet the demand for coating and painting services. The project involves a total investment of $153,400 for building and lot acquisition, machinery, equipment, furniture and fixtures at 861 Camden Avenue. Spectrum Commercial Coatings LLC will create 30 new full-time permanent positions and retain two employees.
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 Spectrum Commercial Coatings LLC equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company's investment of $153,400.00, the creation of 30 new full-time permanent positions and the retention of two existing employees.
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 Jobs Growth Incentive Application from Spectrum Commercial Coatings LLC; and
WHEREAS, Spectrum Commercial Coatings LLC will maintain its operation at 861 Camden Avenue with the establishment of its corporate headquarters and client support facility; and
WHEREAS, Spectrum Commercial Coatings LLC has indicated that a Jobs Growth Incentive is crucial to its decision to expand its operational capacity.
WHEREAS, the City of Columbus desires to facilitate Spectrum Commercial Coatings LLC's future growth at the project site by providing a Jobs Growth Incentive; and
WHEREAS, in consideration of Spectrum Commercial Coatings LLC's investment of $153,400, the creation of 30 new full-time permanent positions, and the retention of two existing employees; 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 Agreement equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years with Spectrum Commercial Coatings LLC.
Section 2. Each year of the term of the agreement with Spectrum Commercial Coatings LLC, 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 the City of Columbus Jobs Growth Incentive Agreement is signed by Spectrum Commercial Coatings LLC within 90 days of passage of this ordinance, or this ordinance and the credit herein shall be null and void.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.