Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Superconductive Components, Inc. 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.
Superconductive Components, Inc. plans to invest $1,804,000 create 15 (fifteen) full-time jobs and relocate and retain 19 full-time positions to accommodate expansion.
The Department of Development recommends a 50%/6 year tax abatement on new machinery & equipment, new furniture & fixtures and new inventory. The proposal is consistent with Columbus Tax Incentive Policy under Edge City projects.
The Hilliard City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Superconductive Components, Inc. for a tax abatement of fifty percent (50%) on new machinery & equipment, new furniture & fixtures and new inventory for a period of six 6 years in consideration of a proposed $1,804,000 investment in real and personal property, the creation 15 (fifteen) new full-time jobs and the relocation and retention of 19 (nineteen) full-time positions.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio enterprise law, by letter dated June 12, 1985; and
WHEREAS, Superconductive Components, Inc. plans to invest $1.8 million in real property improvements, machinery & equipment, furniture & fixtures and inventory to accommodate relocation and expansion; and
WHEREAS, the relocation and expansion will add approximately $1.8 million in investment within the City; and
WHEREAS, the relocation and expansion will create 15 (fifteen) n...
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