Explanation
BACKGROUND: The need exists to amend Ordinance Number 1515-2010, approved by Columbus City Council on October 25, 2010. That ordinance authorized the Director of the Department of Development to enter into an Enterprise Zone Tax Abatement Agreement with The Coca-Cola Company (Coca-Cola) on real property improvements of seventy-five percent (75%) for a period of ten (10) years and a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of six (6) years in consideration of the company's proposed expansion of its' Columbus Syrup Plant by investing approximately $120 million and creating 35 new permanent full-time positions to accommodate its' advanced manufacturing lines and automated storage and retrieval systems. This amendment will allow Coca-Cola to extend the 90 day period needed to execute the Enterprise Zone and Job Creation Tax Credit Agreements to 180 days after passage of this ordinance.
The Coca-Cola Company, headquartered in Atlanta, Georgia, is the world's largest beverage company. The Coca-Cola Company operates in more than 200 countries and markets a portfolio of more than 3,000 beverage products including sparkling drinks and still beverages such as, waters, juices, juice drinks, teas, coffees, sports drinks, energy drinks, and milk-and soy-based beverages.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend ordinance 1515-2010, passed by Columbus City Council on October 25, 2010, to extend the signing deadlines for the Enterprise Zone and Job Creation Tax Credit Agreements with The Coca-Cola Company; and to declare an emergency.
Body
WHEREAS, the need exists to amend Ordinance 1515-2010, passed October 25, 2010, authorizing the Director of Development to enter into an Enterprise Zone Tax Abatement Agreement with The Coca-Cola Company (Coca-Cola) on real property improvements of seventy-five percent (75%) for a period of ten (10) years and a Job Creation Tax Credit ...
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