Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Buckeye Distributing, 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.
Buckeye Distributing, Inc. plans to build a 24,000 square foot facility to accommodate expansion and relocation. The project will include an investment of $2,140,000 in real property improvements, machinery & equipment, furniture & fixtures, and new inventory, the relocation/retention of 19 (nineteen) full-time permanent jobs, which will be new to Columbus, and the creation of 11 (eleven) full-time permanent jobs.
The Department of Development recommends a 60%/6 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures, stand-alone computers, and new inventory. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
Emergency action is requested of City Council in order to facilitate a project start.
The Hilliard 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 Buckeye Distributing, Inc. for a tax abatement of sixty percent (60%) for a period of six (6) years; in consideration of a proposed $2,140,000 investment in real property improvements, machinery & equipment, furniture & fixtures, stand-alone computers, and new inventory, the relocation/retention of 19 (nineteen) full-time permanent jobs, which will be new to Columbus, and the creation of 11 (eleven) 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 ...
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