Explanation
BACKGROUND: The need exists to amend Ordinance 1298-2010, approved by Columbus City Council on September 20, 2010. That ordinance authorized the Director of the Department of Development to enter into a Jobs Creation Tax Credit Agreement of 65% for six years and a Jobs Growth Incentive Agreement of 25% for five years with International Technical Coatings, Inc. Additional time is now needed to review and execute the agreements. This amendment will allow the extension of the period needed to execute the agreements to 90 days after passage of this ordinance.
International Technical Coatings, Inc. plans to expand its manufacturing operations to 805-845 Markison Avenue, create 120 new permanent full-time jobs, invest $17.3 million and increase job opportunities and strengthen the economy of the city upon the execution of these agreements. Receiving these tax credits from the city is a critical factor in International Technical Coatings Inc.'s decision to go forward with the expansion project in Columbus.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend ordinance 1298-2010, passed by Columbus City Council on September 20, 2010, to extend the period of execution for the Jobs Creation Tax Credit and the Jobs Growth Incentive Agreements with International Technical Coatings, Inc.; and to declare an emergency.
Body
WHEREAS, International Technical Coatings, Inc. plans to expand its manufacturing operations to 805-845 Markison Avenue Columbus, Ohio, create 120 new permanent full-time jobs, invest $17.3 million and increase job opportunities and strengthen the economy of the city upon the execution of these agreements; and
WHEREAS, receiving these tax credits from the State and the City is a critical factor in International technical Coatings Inc.'s decision to go forward with the expansion project in Columbus; and
WHEREAS, additional time is needed to review and execute the Jobs Creation Tax Credit Ag...
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