Explanation
BACKGROUND: The Director of the Department of Development is requesting authorization to enter into an Enterprise Zone Agreement on behalf of the City with Georgesville Properties LLC and Aerospace Lubricants LLC (collectively and hereinafter referred to as the “Enterprise”). The Ohio Enterprise Zone Law Section 5709.62(C) of the Ohio Revised Code authorizes the City to enter into a Council-approved tax abatement agreements between the City and qualifying companies.
Georgesville Properties LLC is a real estate holding company that was created to purchase, sell and develop real estate and is owned by Aerospace Lubricants LLC (“Aerospace Lubricants”). Established in 1973, Aerospace Lubricants is a premium grease and lubrication provider to the automotive, industrial, aviation, and defense industries. Aerospace Lubricants is quickly becoming the industry leader with state-of-the-art manufacturing facilities supported by a similar lab offering innovative products that solve industry problems. In July 1, 2024, the company was purchased by one of the largest premium oil and lubrication companies in the world, Amsoil, a specialist in developing synthetic lubricants that offer innovative answers to the greatest challenges vehicles and equipment present. The company has the opportunity to expand because of this partnership.
Georgesville Properties LLC and Aerospace Lubricants are proposing to invest in a total capital expenditure of approximately $5,050,000.00, which includes $1,800,000.00 real property improvements, and $3,250,000.00 in machinery and equipment to expand its existing office building and manufacturing facility. The first facility consists of a 5,000 square foot expansion to the company’s existing 25,862 square foot manufacturing facility at 1600 - 1604 Georgesville Road, Columbus, Ohio 43228, Parcel No. 570-118051 and the second facility consists of a 30,000 square foot expansion to the company’s existing 17,280 square foot office buildin...
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