Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the existing Community Reinvestment Area (CRA) Agreement with Mettler Toledo contingent upon the certification of the amendment of the Old State Road CRA by the Ohio Department of Development. The amendment to the CRA Agreement with Mettler Toledo would reflect a sixty five percent (65%) fifteen (15) year real property incentive. Columbus City Council, per Resolution Number 10X-98, authorized a sixty five percent (65%) ten (10) year CRA incentive for Mettler Toledo on February 9, 1998 in consideration of an investment of over $21 million and the creation/relocation of a total of 222 jobs. Columbus City Council also on September 13, 2007 by Resolution Number 0145X-2007, amended the Old State Road Community Reinvestment Area. This amendment expanded the boundaries of the Old State Road CRA and increased the real property incentive to a maximum of one hundred percent (100%) for a period of fifteen years (15) years. This resolution allows the city to offer an extended incentive to Mettler Toledo. The Columbus Tax Incentive Review Council, in its 2007 review, found the project to be in compliance.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the existing Community Reinvestment Area Agreement with Mettler Toledo to reflect a sixty five percent (65%) fifteen (15) year real property incentive contingent upon certification of the amendment to the Old State Road Community Reinvestment Area (CRA) by the State of Ohio, Department of Development; and to declare an emergency.
Body
WHEREAS, the Mettler Toledo CRA Agreement was authorized by Columbus City Council Ordinance Number 10X-98 on February 9, 1998; and
WHEREAS, Mettler Toledo has invested over 21 million in the project and relocated/created over 222 jobs; and
WHEREAS, as of the most recent performance review, the CRA Agreement was found to be in compliance by the Columbus Tax Incentive Review Council; and
WHEREAS, Columbus City Council on September 13, 2007, by Resolution Number 0145X-2007, amended the Old State Road Community Reinvestment Area; and
WHEREAS, the amendment increased the real property incentive to a maximum of one hundred percent (100%) for a period of fifteen (15) years; and
WHEREAS, the amendment of the Mettler Toledo CRA Agreement is contingent upon certification of the Old State Road CRA amendment by the State of Ohio, Department of Development; and
WHEREAS, the incentive will allow Mettler Toledo to maintain its operations and continue to grow in Columbus; and
WHEREAS, an emergency exists in the usual daily operation of the Development Department in that it is immediately necessary to amend the CRA Agreement with Mettler Toledo, 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 amend the Community Reinvestment Area Agreement with Mettler Toledo contingent upon the certification of the amendment to the Old State Road Community Reinvestment by the State of Ohio Department of Development.
Section 2. That for the reasons stated in the preamble thereto, which is made a part hereof, this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.