Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Lio Energy Systems Holdings (US) LLC (also known as Lio (US)), I P of A Columbus Works 1-32 LLC, the Gearhart Development Corporation and Cordell Funding, LLLP, a Jobs Creations Tax Credit Agreement and a Jobs Growth Incentive Agreement with Lio Energy Systems Holdings (US) LLC. 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. The Ohio Tax Credit legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter into a Council-approved agreement between the City and a participating company.
Lio (US) is a global joint venture with Lishen Power Battery and CODA Automotive. The global joint venture was created and announced in 2009. Lishen, is a leading global supplier of consumer cells and batteries for cell-phones, laptop computers and E- bikes. CODA Automotive Inc. is a privately held American company headquartered in Santa Monica, California that designs, manufactures and sells electric vehicles as well as lithium-ion battery systems built for transportation and utility applications. Lio (US) provides supplies to companies such as Samsung, Motorola and Apple. Lio (US) will produce automotive grade lithium ion cells to make 34 kWh battery packets with advanced thermal management and battery management electronics. The battery systems will be produced primarily for use in the CODA all electric sedan. CODA's first vehicle, the CODA Sedan, is a four door, five passenger battery electric vehicle with a range of up to 120 miles per charge. The vehicle is scheduled for delivery in the fourth quarter of 2010. Lio Energy Systems currently operates a manufacturing facility in Tianjin, China.
Lio (US) has identified 6200 E. Broad Street as a potential site for the production facility. ...
Click here for full text