Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Abbott Laboratories and Abbott Manufacturing Inc. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Abbott Laboratories (NYSE: ABT) is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. Abbott Laboratories manufactures infant formula and adult nutrition products such as Similac, Ensure and Pediasure at its “Columbus Plant” located at 585 Cleveland Avenue, Columbus Ohio 43215. These products are sold in both retail and institutional markets, both domestic and internationally. Abbott Manufacturing Inc., the real estate owner, is a subsidiary of Abbott Laboratories, (collectively and hereinafter referred to as “Abbott”).
Abbott is proposing to invest a total project cost of approximately $62,000,000, which includes $11,741,000 in real property improvements, $49,615,000 in machinery and equipment, and $644,000 in stand-alone computers to expand its manufacturing site by constructing a free-standing facility consisting of approximately 25,000 square feet +/- at 585 Cleveland Avenue, Columbus, Ohio 43215, parcel number 010-000610 (“Project Site”). With this expansion, the company proposes to replace its existing 2-ounce bottle manufacturing line with a new filling and sterilization system that would increase its line capacity from 157 to 250 million units per year, and address the risk of equipment failure of its existing soon-to-be obsolete 2-ounce line. Additionally, Abbott will retain 428 full-time employees with an estimated annual payroll of approximately $28.81 million and will create 38 net new full-time permanent positions with an associated estimated annual payroll of approximately $2,315,000 at the proposed Proj...
Click here for full text