Explanation
BACKGROUND: The need exists to enter into a Jobs Growth Incentive Agreement with Joseph T. Ryerson & Son, Inc. equal to twenty-five (25%) of the amount of personal income tax withheld on new employees for a term of three (3) years.
Joseph T. Ryerson & Son, Inc. is proposing to expand in the City of Columbus by opening a new 164,000 square feet service center for its core steel products. The company will enter into a 5 year lease agreement on a vacant building located at 555 N. Yearling Road, invest approximately $7.6 million, create seventeen (17) new full time permanent positions and relocate 13 jobs from its Cincinnati plant, which will be new to Columbus.
Joseph T. Ryerson & Son, Inc. is a Chicago-based steel corporation with plants in 29 U.S. cities. Joseph T. Ryerson & Son, Inc., a wholly owned subsidiary of Inland Steel Industries, Inc., was founded in 1842 by Joseph T. Ryerson. In 1935, Inland Steel Company and Joseph T. Ryerson & Son, Inc. merged to begin a long-term relationship. Inland Steel was a well-established Chicago-based steel producer, engaged in the manufacture of bars, shapes, plates, sheets, strips, rails, track accessories, and tin plate. Under the parent company of Inland Steel since 1935, the company processes and distributes carbon, stainless and alloy steels through its service centers.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Joseph T. Ryerson & Son, Inc. equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of three (3) years in consideration of the company's proposed investment of $7.6 million, the relocation of 13 full-time permanent employees, which will be new to Columbus, and the creation of 17 permanent full-time jobs.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jo...
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