Explanation
BACKGROUND: Columbus City Council, by Ordinance 2032-2011, passed on December 12, 2011, authorized the Director of Development to enter into an Enterprise Zone Agreement (Agreement) with Tarrier Foods Corp. and Tarrier Holdings, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of: the company’s $3,000,000 investment in real property acquisition; $3,000,000 investment in real property improvements on Parcel Number 560-233421; an investment of approximately $200,000 for machinery and equipment; the retention of 33 full-time permanent positions with an annual payroll of approximately $1,260,000; and the creation of 17 new full-time permanent positions with an annual payroll of approximately $436,800. The Agreement was made and entered into on January 25, 2012.
There exists a need to amend the Agreement in order to clarify the date by which no real property exemption shall extend. The Agreement currently states that no real property exemption shall commence after 2013 nor extend beyond 2021. The Agreement should state that no real property exemption shall commence after 2013 nor extend beyond 2022, in order to reflect the full ten year term. All other commitments made within the Agreement are to remain unchanged with this amendment, being requested as emergency legislation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Enterprise Zone Agreement with Tarrier Foods Corp. and Tarrier Holdings, Inc. in order to clarify the date by which no real property exemption shall extend; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance 779-85, dated April 22, 1985; and Subsequently amended the Zone by Ordinances 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 199...
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