Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Greenlawn Realty Co. 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.
Greenlawn Realty Co. plans to build a 10,000 square foot facility to accommodate expansion/consolidation. The project will include an investment of $1,800,000 in real property improvements, the retention of 23 (twenty-three) full-time permanent jobs, the relocation/retention of 19 (nineteen) full-time permanent jobs, that will be new to Columbus, and the creation of 2 (two) full-time permanent jobs.
The Department of Development recommends a 60%/6 year tax abatement on real property improvements. 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 agreement with Greenlawn Realty Co. for a tax abatement of sixty percent (60%) for a period of six (6) years in consideration of a proposed $1,800,000 investment in real property improvements, the retention of 23 (twenty-three) full-time permanent jobs, the relocation/retention of 19 (nineteen) full-time permanent jobs that will be new to Columbus and the creation of 2 (two) 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; and 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...
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