Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Greater Linden Development Corporation. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Greater Linden Development Corporation plans to build a 21,000 square foot facility. The project will include an investment of $2.9 million and the creation of 5 (five) full-time jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements and furniture & fixtures. The proposal is consistent with Columbus Tax Incentive Policy under Central City Area projects.
The Columbus Public School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with the Greater Linden Development Corporation for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $2.9 million investment in real property improvements and furniture & fixtures and the creation of five (5) new jobs; and to declare it an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio Enterprise Law, by letter dated June 12, 1985; and
WHEREAS, Greater Linden Development Corporation plans to build a 21,000 square foot facility to accommodate construction; and
WHEREAS, the expansion will add approximately $2.9 million in investment within the City; and
WHEREAS, the project will create 5 (five) new full time jobs; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to enter an Enterpr...
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