Explanation
BACKGROUND: The need exists to amend Ordinance 1208-2008. This ordinance was approved by Columbus City Council on July 14, 2008. The ordinance authorized the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of sixty percent (60%) for a period of five (5) years with Bardwil Industries, Inc. This amendment will allow Bardwil Industries, Inc. to adjust its projected new full-time jobs from sixty to forty and extend the 90 day period needed to execute the Jobs Creation Tax Credit Agreement. The company is experiencing a twenty percent downturn in its business, but is committed to relocate its distribution center and expand in the Columbus community.
Bardwil Industries, Inc. manufacturers and distributes table linen as well as kitchen textiles. The company was established in the early 1900's by Elias Bardwil. Bardwil Industries, Inc. is the largest and broadest based table linen in the United States importing an assortment of products from various nations: India, China, Taiwan and Spain. Bardwil Industries is headquartered in New York City. The company is proposing to relocate its distribution center to Columbus, Ohio because of the labor pool available as well as the access to the highway transportation system.
Bardwil Industries Inc. is proposing to invest approximately $9.5 million in personal property and create 40 new permanent full-time jobs to relocate its distribution center from Jersey City, New Jersey to Columbus, Ohio.
The State has offered a Job Creation Tax Credit of 45% for 5 years and a $20,000 grant for Bardwil Industries, Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1208-2008, passed by Columbus City Council on July 14, 2008, to adjust the terms of a Job Creation Tax Credit Agreement with Bardwil Industries, Inc. (AMENDED BY ORD. 1333-2010 PASSED 10/4/2010)
Body
WHEREAS, pursuant to Ohio Revised Code Section 122.17, the State of Ohio ...
Click here for full text