Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Spectrum Commercial Coatings LLC equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of five (5) years. The project involves a total investment of $153,400 for building and lot acquisition, machinery, equipment, furniture and fixtures at 861 Camden Avenue, and will create 30 new full-time permanent positions and retain two existing employees.
Spectrum Commercial Coatings LLC (Spectrum) was founded in 2012 and is headquartered in Columbus. Spectrum is a full service commercial and industrial coating contractor that serves Ohio and surrounding states. Services offered by Spectrum include, but are not limited to: High Performance and Specialty Coatings, Intumescent Fireproof Coatings, Sandblasting, Pressure Washing, and Wall Coverings. The company has expertise serving new construction communities, factories, warehouses, retail, and medical facilities.
The project supports the proposed growth of the business to meet the demand for coating and painting services. The project involves a total investment of $153,400 for building and lot acquisition, machinery, equipment, furniture and fixtures at 861 Camden Avenue. Spectrum Commercial Coatings LLC will create 30 new full-time permanent positions and retain two employees.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Spectrum Commercial Coatings LLC equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company’s investment of $153,400.00, the creation of 30 new full-time permanent positions and the retention of two existing employees.
Body
WHEREAS, the City desires to increase employment opportunities and encourage t...
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