Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Hopkins Printing. 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.
Hopkins Printing plans to invest in new machinery & equipment to accommodate an expansion. The project will include an investment of $2.5 million in new machinery & equipment, the retention of 103 fulltime permanent jobs, and the creation of six (6) new full-time permanent jobs.
The Department of Development recommends a 60%/6 year tax abatement on new machinery & equipment. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus Public School District has been advised of this project.
Emergency action is requested of City Council in order to facilitate a project start in October 2004.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Hopkins Printing for a tax abatement of sixty percent (60%) for a period of six (6) years in consideration of a proposed $2.5 million investment in new machinery & equipment, the retention of 103 full-time permanent jobs, and the creation of six (6) new full-time permanent jobs; and to declare 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; subsequently amended the Zone by Ordinance Nos. 2722-85 in 1986; 2080-89 in 1989; 1949-92, 2609-92 and 2249-92 in 1992; 1079-94 and 1228-94 in 1994; 2196-95 and 2817-95 in 1995; 533-99 in 1999; 1785-00 in 2000; 1464-02 in 2002; and 225-03 in 2003; and
WHEREAS, the Director of the Development Department of the State of Ohio determined that the Columbus Enterprise Zone as amended by the aforem...
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