Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement and a Job Creation Tax Credit Agreement with The Coca-Cola Company. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) and 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.
The Department of Development proposes to enter into an Enterprise Zone Agreement for a tax abatement on real property improvements of seventy-five percent (75%) for a period of ten (10) years and a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of (six) 6 years with The Coca-Cola Company. The company is proposing to expand its' Columbus Syrup Plant by investing approximately $120 million and creating 35 new permanent full-time positions to accommodate its' advanced manufacturing lines and automated storage and retrieval systems.
The Coca-Cola Company is a leader and innovator in the beverage industry. The Coca-Cola Company, headquartered in Atlanta, Georgia, is the world's largest beverage company. The Coca-Cola Company operates in more than 200 countries and markets a portfolio of more than 3,000 beverage products including sparkling drinks and still beverages such as, waters, juices, juice drinks, teas, coffees, sports drinks, energy drinks, and milk-and soy-based beverages.
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 The Coca-Cola Company for a tax abatement on real property improvements of seventy-five percent (75%) for a period of ten (10) years and a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of (six) 6 years; and to declare an emergency. (AMENDED BY ORD. 0085-2011 PASSED 1/24/2011)
Body
WHEREAS, the ...
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