Explanation
BACKGROUND: The need exists to amend the Enterprise Zone Agreement with the City of Columbus and the Shonac Corporation as established under Ohio Enterprise Zone law, O.R.C. Section 5709.62 (3). The original agreement was approved under Columbus City Council Ordinance No. 0994-00, passed April 24, 2000. The agreement provided a 50%/7 year tax abatement on personal property. The project involved an investment of $25,381,711, the relocation of 355 jobs from Watkins Road and the creation of 73 new jobs at new project site located at 4150 East Fifth Avenue in Columbus. To date, the Shonac Corporation has exceeded both its job creation numbers and investment at this site.
Shonac Corporation will continue its operations and investment at the project site located at 4150 East Fifth Avenue. However, approximately 203 (two hundred and three) of the 355 (three hundred and fifty five) retained jobs will be transferred to the new $22 million Retail Ventures, Inc. Headquarters building located at the former Northland Mall. The transferred jobs are not new jobs to the City of Columbus but will be counted as retained jobs for the purposes of meeting the amended Enterprise Zone Agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the existing Enterprise Zone Agreement with the City of Columbus and Shonac Corporation to reflect approximately 203 (two hundred and three) of the 355 (three hundred and fifty five) retained jobs transferring to the Value City Northland site also known as Retail Ventures, Inc.; and to declare an emergency. (REPEALED BY ORD. 1367-2006 PASSED 07/31/2006)
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise
Zone Ordinance No.779-85, dated April 22, 1985; and
WHEREAS, the Ohio Department of Development approved this designation under
State of Ohio Enterprise Zone law, by letter, dated June 12, l985; and
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