Explanation
BACKGROUND: The 2009 Columbus Tax Incentive Review Council (TIRC) reviewed the status of the Enterprise Zone Agreement (EZA) between the City of Columbus and Core Molding Technologies, Inc. (Enterprise) on August 19, 2009, and recommended that the City should request from Enterprise a written plan regarding the attainment of the job creation and retention goals as set forth in the EZA. Additionally, the TIRC recommended that the City should request an itemized breakdown of the reported real property improvements related to the project. Following a series of meetings between the City and representatives of Enterprise, a letter was received by the City sent by Enterprise requesting that the EZA between the City and Enterprise (EZA# 023-06-01) be dissolved. The City concurs with this request.
Columbus City Council approved the EZA by Ordinance Number 0198-2006, adopted February 27, 2006. The EZA was entered into effective May 18, 2006 and granted a 75%/10-Year abatement on real property improvements and personal property investment with a commitment of $1.02 million in real property improvements, $2.51million in personal property investment, the creation of 52 new permanent full-time jobs by December 31, 2009, and the retention of 380 permanent full-time jobs related to the expansion of approximately 20,000 square feet at their facility located on parcel number 570-105330 at 800 Manor Park Drive within the City of Columbus Enterprise Zone.
Additionally, the City of Columbus entered into a 60%/7-Year Jobs Creation Tax Credit (JCTC) Agreement with Enterprise effective May 18, 2006, approved by Ordinance No. 0198-2006, adopted February 27, 2006.
If the EZA and JCTC are dissolved, 2008 will have been the final tax year for the incentives and the City will not seek repayment of the exempted or credited taxes from prior years.
As of the TIRC review on August 19, 2009, Enterprise had exceeded their real property investment goal with a reported $1...
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