Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Tarrier Foods Corp. and Tarrier Holdings, 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.
Tarrier Foods Corp. (Tarrier Foods) is a privately owned company that began in Columbus in 1978. The company now carries a large variety of products that includes candies, salad toppings, ground stir-ins/toppings, granolas and roasted nuts. Tarrier Foods is now one of the largest candy crushers in the U.S. and sells solely to food distributors nationwide, with some international sales.
The company currently operates out of a facility at 3915 Zane Trace Drive. The new project will involve the acquisition of a 152,800 square foot facility at 2700 International St. for $3 million. The building will be owned by Tarrier Holdings, Inc. and the real estate entity will also invest $3 million to renovate the facility. Tarrier Foods will purchase $200,000 in machinery and equipment, as the operating entity. A total of 33 jobs will be retained and relocated to the new facility, reflecting a payroll of approximately $1.26 million. Tarrier Foods will create a total of 17 new permanent full-time positions with an estimated payroll of $436,800.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements. This proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
The Columbus City Schools has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Enterprise Zone 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 on real property improvements in consideration of a proposed ...
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