Explanation
BACKGROUND:This legislation authorizes the Director of Development to consent to the assignment of interest in an Enterprise Zone Agreement known as Columbus Coatings Company to ISG Columbus Coatings Company. Columbus City Council, per Ordinance Number 1985-99, authorized the Department of Trade and Development (now known as Department of Development) to enter into an Enterprise Zone Agreement with LTV Steel Company also known as Columbus Coatings Company. Columbus Coatings is a partnership, whose ownership is shared by two subsidiaries of Bethlehem Steel Corporation. Bethlehem Steel Corporation and its subsidiaries, including Columbus Coatings Company, was sold to International Steel Group. The former Columbus Coatings Company is now known as ISG Columbus Coatings, Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to consent to the assignment of the interests of Columbus Coatings Company in an Enterprise Zone to ISG Columbus Coatings, Inc; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by
legislation, Ordinance No. 779-85, dated April 22, l985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio
Enterprise Zone law, by letter, dated June 12, l985; and
WHEREAS, the Columbus Coatings Company (also known as LTV Steel Company, Inc.)
Enterprise Zone Agreement was approved by Ordinance 1985-99; and
WHEREAS, Columbus Coatings Company desires its interests in the Enterprise Agreement be
assigned to ISG Columbus Coatings Company; and
WHEREAS, ISG Columbus Coatings, Inc. desires that it be assigned the Enterprise Zone
Agreement interests of Columbus Coatings Company; and
WHEREAS, the City desires to consent to the assignment of Columbus Coatings Company's
interests in the Enterprise Zone Agreement to ISG Columbus Coatings Company; and
WHEREAS, Enterprise Zone Agreements require the prior express, written, approval of the
City for transfer or assignment; and
WHEREAS, an emergency exists in the usual daily operation of the Department of
Development in that it is immediately necessary to provide the City's consent to the
assignment in order to allow for transfer of this property to meet purchase contract
requirements, thereby preserving the public health, peace, prosperity, safety and welfare; now,
therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development be authorized to consent to the assignment of the interests of Columbus Coatings Company in an Enterprise Zone Agreement to ISG Columbus Coatings, Inc. as the new property owner, provided that Columbus Coatings, Inc. agrees to comply with the terms of the Enterprise Zone Agreement.
Section 2. That for the reasons stated in the preamble hereto, this ordinance is herby declared to be an emergency and shall take effect and be in force from and after its passage and approval by the May or ten days if the Mayor neither approves nor vetoes the same.