Explanation
Background: The need exists to enter into an Enterprise Zone and Jobs Creation Tax Credit Agreement with General Products Corporation. Ohio Enterprise Zone law (O.R.C. Section 5709.62) and Jobs Creation Tax Credit law (O.R.C. Section 718.08) requires the City to enter into a Council-approved agreement with a participating company.
General Products Corporation established in 1922, is a precision machine business serving the North American light and heavy vehicle marketplace. General Products operates facilities in Indiana, Michigan and Kentucky.
The company is proposing to invest $6.7 million to start a manufacturing location in 125,000 square feet at its 3985 Groves Road facility. The investment will include $300,000 in real property improvements, $6 million in machinery & equipment, $30,0000 in furniture & fixture, $5,000 in computers and $450,000 in inventory. The company will create 80 (eighty) new jobs at the project site. The project site is located in the City's Southeast Enterprise Zone.
The Columbus Department of Development is proposing a 10-year, 75% (percent) real and personal property abatement under the City's Enterprise Zone Program and a 10-year, 60% (percent) Jobs Creation Tax Credit.
This legislation is requested to be considered as an emergency in order to allow General Products Corporation time to make a decision on the location of the proposed project as quickly as possible.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a 10 year/75% Enterprise Zone Agreement on real and personal property and a 60%/10 year Jobs Creation Tax Credit Agreement with General Products Corporation; and to declare an emergency.
Body
WHEREAS, the City has established the Southeast Enterprise Zone pursuant to Section 5709.61 to 5709.632 of the Ohio Revised Code ("O.R.C."), which has been certified by the Director of the ...
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