Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Closed Loop Refining and Recovery, Inc. (Closed Loop) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. Closed Loop will make a fixed-asset investment of approximately $2 million, including $100,000 in renovations and lease-hold improvements, $1.91 million in new machinery and equipment, $10,000 in furniture and fixtures, and create 55 new full-time permanent positions with an annual payroll of approximately $1.47 million.
Closed Loop is a private company headquartered in Phoenix Arizona. The company was formed in April 2010 by Brent Benham, President and Chief Financial Officer. Closed Loop's primary service is to process old Cathode Ray Tube (CRT) monitors where lead (Pb) is extracted from funnel glass through its proprietary technology. Recycling old CRTs poses a serious problem for the environment due primarily to high levels of lead (Pb) content. Lead is a hazardous waste that if treated improperly may result in groundwater contamination and employee health and safety issues. The company opened its first recycling facility in Phoenix Arizona that is set-up to recycle 3,000 tons of waste materials per month. Closed Loop's future expansion plans include opening recycling facilities in the Mid-Western, North-Eastern and South-Eastern areas of the United States. The company is compliant with the Environmental Protection Agency.
Closed Loop is proposing to open a recycling facility in the City of Columbus. The company will enter into a 7-year lease agreement on a vacant commercial building located at 1675 Watkins Road consisting of approximately 275,000 square feet to operate its recycling facility and meet its increased growth and consumer demand.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of ...
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