Explanation
BACKGROUND: The need exists to enter into a Municipal Jobs Creation Tax Credit Agreement with BH Thermal Corporation (BriskHeat®). The Ohio Jobs Creation Tax Credit law (O.R.C. Section 718.158) requires the City to enter into a Council-approved agreement between the City and participating companies.
BriskHeat® was founded as Briscoe Manufacturing by retired Major General Earnest Briscoe following the Second World War and serviced the U.S. military and government with the firm's very durable and flexible multi-stranded knit and braided heating element. BriskHeat® quickly gained the reputation in numerous industries as the top heating solutions provider. Their proven knit and braid technology, state-of-the-art CNC machines and three-dimensional computer aided design software, along with their experience, production flexibility, and durable product allow BriskHeat® to provide top heating solutions. Applications include flow/viscosity control, freeze protection, gas/vacuum bake out, condensation for heating any surface including pipes, valves, tanks, hoppers, tubes, troughs, drums, pumps, and industries such as semiconductor, food processing, petrochemical, laboratory, plastics injection and molding, and original equipment manufacturers.
Due to business growth, the company is proposing to expand their operations at a nearby leased facility. The leased facility will be located at 460 East Starr Avenue. The corporate headquarters and current production facility will be maintained at 1055 Gibbard Avenue.
The project will result in a total investment of $1,189,000, the retention of 155 (one-hundred fifty-five) full-time employees, and the creation of 75 (seventy-five) new full time permanent positions.
The Department of Development recommends a 65%/8 year Jobs Creation Tax Credit.
This legislation is requested to be considered as an emergency in order to allow BriskHeat® to begin investing and creating jobs as quickly as possible.
FISC...
Click here for full text